... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Finance, Budget & Program Committee Board of Directors Meeting; Sunshine Act Time & Date: 10 a.m., Thursday, November 3, 2011. Place: 1325 G Street, NW., Suite 800, Boardroom, Washington, DC 20005. Status...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Finance, Budget & Program Committee Meeting of the Board of Directors; Sunshine Act TIME AND DATE: 2 p.m., Wednesday, September 7, 2011 PLACE: 1325 G Street, NW., Suite 800, Boardroom, Washington, DC...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Sunshine Act Meeting; Finance, Budget & Program Committee Meeting of the Board of Directors TIME & DATE: 2:00 p.m., Thursday, November 7, 2013. PLACE: Telephonic Meeting. STATUS: Open. CONTACT PERSON...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Finance, Budget & Program. Committee Meeting of the Board of Directors; Sunshine Act TIME & DATE: 3 p.m., Thursday, September 20, 2012. PLACE: 1325 G Street NW., Suite 800, Boardroom, Washington, DC...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Board of Directors Finance, Budget & Program Committee: Sunshine Act Meeting TIME AND DATE: 1:00 p.m., Thursday, May 2, 2013. PLACE: 1325 G Street NW., Suite 800, Boardroom, Washington, DC 20005...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Sunshine Act Meeting; Finance, Budget & Program Committee Meeting of the Board of Directors TIME & DATE: 2:00 p.m., Wednesday, February 13, 2013. PLACE: 1325 G Street NW., Suite 800, Boardroom...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Sunshine Act Meeting; Finance, Budget and Program Committee Meeting of the Board of Directors TIME and DATE: 1:00 p.m., Monday, September 9, 2013. ] PLACE: 999 North Capitol St NE., Suite 900...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Finance, Budget & Program Committee Meeting of the Board of Directors; Sunshine Act Meeting Notice TIME and DATE: 9:00 a.m., Tuesday, November 20, 2012. PLACE: 1325 G Street NW., Suite 800, Boardroom...
... From the Federal Register Online via the Government Publishing Office NEIGHBORHOOD REINVESTMENT CORPORATION Sunshine Act Meeting Notice; Finance, Budget & Program; Committee Meeting of the Board of Directors TIME AND DATE: 2 p.m., Wednesday, May 2, 2012. PLACE: 1325 G Street NW., Suite 800, Boardroom...
F.K.M. van Nispen tot Pannerden (Frans)
textabstractThe Call for a Budgetary Theory: The appeal of Valdimer Key for a budgetary theory marks the interest in public budgeting in modern history. He clearly referred to a normative theory, raising the question: ‘on what basis shall it be decided to allocate X dollars to activity A instead of
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council...: Finance Update Budget Update NASA Strategic Planning and Performance Conference Reporting Update System...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting. AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council (NAC...: Finance Update Strategy, Performance, Budget Update Conference Cost Reporting Update FY 2013 Financial...
This series on the theory of financial management offers insight into the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts as they apply to major topics in finance. The current article investigates capital budgeting. Much literature addresses this topic, with a number of articles challenging mainstream…
The action research has disclosed that there were not efficient service in paying different payments like-evening, part time, fees ascribing to absence of incentives finance and budget section workers. Students' monthly payments were not done on time and this resulted in serious disciplinary problems on the students\\' side.
Abstract. Action research was conducted in May and June 2004 aimed at improving service delivery of finance and budget section of Jimma Teachers College. The data were collected by focal group discussion observation and actual experience of the researchers. The action research has disclosed that there were not ...
... Sunshine Act Meeting of LSC Board of Directors Finance Committee TIME AND DATE: The Legal Services Corporation (``LSC'' or ``Corporation'') Board of Directors (``Board'') Finance Committee will meet...: Finance Committee Agenda Open Session 1. Approval of agenda. 2. Consider and act on LSC Management's Draft...
... Sunshine Act Meeting of LSC Board of Directors and Its Finance Committee TIME AND DATE: The Legal Services Corporation (``LSC'' or ``Corporation'') Board of Directors (``Board'') and its Finance Committee will meet consecutively on September 21, 2010, with the Finance Committee convening at 10 a.m., Eastern Time, and the...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council... they are attending the Audit, Finance, and Analysis Committee meeting in room 8D48 before receiving an...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance, and Analysis Committee Meeting AGENCY... Space Administration (NASA) announces that the meeting of the Audit, Finance and Analysis Committee of... attending the Audit, Finance, and Analysis Committee meeting in room 8D48 before receiving an access badge...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... the meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council have been... meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council. DATES: Monday, April 22...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council...- 4336. SUPPLEMENTARY INFORMATION: The agenda for the meeting includes the following topics Finance...
Full Text Available This paper provides a general overview of the EU’s own resources system, and of the debate on its possible reform within the current legal framework. Two alternative reforms are discussed, along with their possible advantages and drawbacks: 1 a simplified system based only on a resource related to gross national income; and 2 the introduction of new genuine own resources and the possible elimination of some current own resources. The second option, which has long been called for by the European Parliament, is explored in further detail, with an overview of the potential candidates for new own resources analysed by the European Commission prior to its 2011 reform proposal. The current outlook for a possible reform focuses on the ongoing work of the high-level group on own resources chaired by Professor Mario Monti, presenting the main obstacles to change and possible ways forward. This paper updates the author’s in-depth analysis How the EU budget is financed: The “own resources” system and the debate on its reform (European Parliamentary Research Service, Brussels.
Antonides, G.; Groot, de I.M.; Raaij, van W.
Mental budgeting and financial management were investigated in a large sample of the Dutch population. Mental budgeting was quite common, and was explained from general education, having saving goals, financial knowledge, time orientation, and financial situation. Also, mental budgeting, in addition
Hassel, Bryan C.
This toolkit helps community-based organizations create a community guide to the school budget, demystifying school finance for citizens and engaging them in the process of using the school budget as a tool for school improvement. It explains the major steps organizations have used in their own initiatives, offering advice and examples of tools.…
Leslie, Larry L., Ed.; Otto, Heather L., Ed.
Eight essays on financing policies and issues in higher education to be faced in the near future are collected. They include: The Political-Economic Context for Financing Postsecondary Education in the 1980's (Robert C. Andringa); The Political-Economic Context: A Reaction (Kay S. Cornaby); Financial Responses for the 1980's (Melvin D. Orwig); A…
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council... at fax: (202) 358-4336. U.S. Citizens and Permanent Residents (green card holders) are requested to...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... Administration (NASA) announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory... valid State or ] Federal issued picture ID, green card, or passport, before receiving an access badge to...
... From the Federal Register Online via the Government Publishing Office NATIONAL AERONAUTICS AND SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council...
... SPACE ADMINISTRATION NASA Advisory Council; Audit, Finance and Analysis Committee; Meeting. AGENCY... Administration announces a meeting of the Audit, Finance and Analysis Committee of the NASA Advisory Council... Management Open.gov Initiatives NASA Infrastructure Utilization of Space Assets Space Shuttle Property The...
... From the Federal Register Online via the Government Publishing Office LEGAL SERVICES CORPORATION Sunshine Act Meeting of the Finance Committee of the Board of Directors; Notice DATE AND TIME: The Finance... minutes of the Committee's meeting of April 15, 2011 3. Public Comment regarding LSC's fiscal year 2013...
programs, the Department of Defense (DoD) must consider alternative forms of financing, including leases and public - private partnerships (PPPs), to...Åèìáëáíáçå=oÉëÉ~êÅÜW=`ob^qfkd=pvkbodv=clo=fkclojba=`e^kdb====- 4 - = = leases, share-in-savings contracts, and public private partnerships (PPPs), have...to meet the requirements. Alternative Financing Agreements: Public - private Partnerships In August 2003, the Government Accountability Office (GAO
Full Text Available The article is devoted to expenditure rules related to government budget, specified in Public Finance Act. The object of analysis is the legal con-struction and functioning of expenditure rules. The article tries to respond on a question of effectiveness of these restrictions of conduct of budgetary policy. The analysis covers the rules in articles 112a–112d and 86 of Public Finance Act.
Rysalieva, Symbat Dj.; Ibraeva, Gulmira A.
This book provides an indepth description and analysis of financial management and budgetary procedures for education in Kyrgyzstan. The case of this country is interesting for practitioners and researchers due to its policy of accelerated transition to a market economy, with associated hardships for educational finance and budgeting. Kyrgyzstan…
Muhammad J. Wartabone
Full Text Available The Budget Committee is the region representative fittings that are fixed and established by region representative at the beginning of membership of region representative. Therefore the Budget Committee of region representative in this reform era occupies a very strategic position. This study was carried out at the Region Representative Council of Palu Central Sulawesi Indonesia. The results shows that one obstacle that affect the budget function of the Region Representative Council in establish local budget is due to lack of planning in budgeting. An arrangement model of ideal budget is necessary supervision should the Region Representative Council as the representative body can optimize the full potential of available resources.
Yakovlev, D.; Yushkov, E.; Pryakhin, A.; Bogatyreova, M.
The issues of R&D project performance and their prospects are closely concerned with knowledge management. In the initial stages of the project development, it is the quality of the project evaluation that is crucial for the result and generation of future knowledge. Currently there does not exist any common methodology for the evaluation of new R&D financed by the budget. Suffice it to say, the assessment of scientific and technical projects (ST projects) varies greatly depending on the type of customer - government or business structures. An extensive methodological groundwork was formed with respect to orders placed by business structures. It included “an internal administrative order” by the company management for the results of STA intended for its own ST divisions. Regretfully this is not the case with state orders in the field of STA although the issue requires state regulation and official methodological support. The article is devoted to methodological assessment of scientific and technical effectiveness of studies performed at the expense of budget funds, and suggests a new concept based on the definition of the cost-effectiveness index. Thus, the study reveals it necessary to extend the previous approach to projects of different levels - micro-, meso-, macro projects. The preliminary results of the research show that there must be a common methodological approach to underpin the financing of projects under government contracts within the framework of budget financing and stock financing. This should be developed as general guidelines as well as recommendations that reflect specific sectors of the public sector, various project levels and forms of financing, as well as different stages of project life cycle.
... From the Federal Register Online via the Government Publishing Office LEGAL SERVICES CORPORATION Sunshine Act Meeting of the Board of Directors Finance Committee Amended Notice Changes to the Meeting Date and Time: The Legal Services Corporation (LSC) is announcing an amendment to the notice of the joint...
... ensure the competitiveness of the U.S. aviation industry and its capability to manage effectively the... Office of the Secretary of Transportation The Future of Aviation Advisory Committee (FAAC) Subcommittee... Financing will address the need for a stable, secure, and sufficient level of funding for our aviation...
WASHINGTON - U.S. EPA Administrator Gina McCarthy will testify Wednesday, March 4 before the Senate Environment and Public Works Committee on FY 2016 Budget. EPA's proposed budget provides resources to ensure the agency can make the investments need
The activity of the US Senate Finance Committee was reported for the health care reform bill, which was sent out of committee to the floor of the Senate on July 2, 1994. The bill out of committee did not include provision for universal insurance coverage, and included amendments that might remove abortion, family planning, and reproductive health services from the standard package of required employee benefits. Other health reform measures where reported out of the Senate Labor and Human Resources Committee, the House Ways and Means Committee, and the Education and Labor Committee, which all contained a provision for universal insurance coverage through employer mandates, a standard benefits package, and comprehensive family planning services and reproductive health care. The Labor and Human Resources bill included counseling and education for family planning. Both House bills exempted family planning services from cost sharing requirements. Abortion coverage in these three bills was covered under "services for pregnant women." The Senate Finance Committee bill adopted "market reforms" which would reduce the cost of coverage for employers. A standard benefits package would be determined by all employers, regardless of whether employers contributed to coverage. The critical point of the Senate Finance bill is that it provides the opportunity to deny services for abortion on religious or moral grounds and to deny services for contraception, AIDS treatment, or substance abuse, by making acceptance optional by states and by insurers and by employers. The House Rules Committee will begin the first week in August to reconcile differences in the House bills. The Senate will reconcile differences in some fashion, without a prescribed procedure.
Spending Smart: How To Budget and Finance. Making Sense of Your Budget Dollars; Success with Budget Proposals; Encumbering Grants: Managing the Money; Write a Grant? Me?; Using Microsoft[R] Excel To Plan and Budget in Your School Library; Charging Ahead; The No-Money Lottery; Coffee, Anyone?
Bernstein, Allison; Baule, Steve; Farmer, Lesley S. J.; Anderson, Cyndee; Barringer, Crystal; Buchanan, Peggy; Fullner, Sheryl Kindle; Knop, Kathi; Larson, Chris
Includes eight articles that address issues related to budgeting and finances in secondary school libraries. Topics include limited budgets; budget proposals; administering grants; writing grants; using Microsoft's Excel software for budgeting; using credit cards for library purchases; offering prizes for donating books; and offering coffee and…
Gross, Francis M.
Formula budgeting in the financing of public higher education is examined. Budget formulas are defined as a means of applying predetermined average cost rates to quantifiable institutional program measures in order to calculate the dollar resource requirements for a future year. Seven characteristics of budget formulas are described: (1) their…
Full Text Available Trying to explain the influence of communist ideology on the post-revolutionary Romanian legal system, we sought effective procedures, within legal boundaries, illustrating the manner in which democratic principles are compromised by old practices. One of these procedures is financing territorial administrative units from the budget reserve fund of the Romanian Government according to political criteria. This research focuses, briefly, on demonstrating the illegality of this activity and on the way to be followed so as to cancel the administrative legal acts covering allocation on political criteria, namely administrative action. The approach doesn’t pretend to be exhaustive, treating all aspects implied by such an action. Therefore, we only talk about those we consider relevant. Responsibility for issuing illegal administrative acts may take different forms: political, criminal or administrative. We believe, in this case, that the best solution is to promote the application for annulment of the act of discrimination in contentious administratively even if pedendi causa, law enforcement, is abstract. A sustained practice in this area would undoubtedly deter excessive executive power by public authorities and strengthen democratic institutions.
MacPhail-Wilcox, Bettye; Anthony, Pat
One Supreme Court decision, seven federal appellate decisions, and two district court decisions were published in the area of school finance in 1990. The Supreme Court reviewed a case concerning allegations of school district segregation, along with an ensuing tax assessment issue. Federal appellate courts handed down decisions involving alleged…
Le Gargasson, Jean-Bernard; Mibulumukini, Benoît; Gessner, Bradford D; Colombini, Anaïs
In Democratic Republic of the Congo (DRC), the availability of domestic resources for the immunization program is limited and relies mostly on external donor support. DRC has introduced a series of reforms to move the country toward performance-based management and program budgets. The objectives of the study were to: (i) describe the budget process norm, (ii) analyze the budget process in practice and associated bottlenecks at each of its phases, and (iii) collect suggestions made by the actors involved to improve the situation. Quantitative and qualitative data were collected through: a review of published and gray literature, and individual interviews. Bottlenecks in the budget process and disbursement of funds for immunization are one of the causes of limited domestic resources for the program. Critical bottlenecks include: excessive use of off-budget procedures; limited human resources and capacity; lack of motivation; interference from ministries with the standard budget process; dependency toward the development partner's disbursements schedule; and lack of budget implementation tracking. Results show that the health sector's mobilization rate was 59% in 2011. For the credit line specific to immunization program activities, the mobilization rate for the national Expanded Program for Immunization (EPI) was 26% in 2011 and 43% for vaccines (2010). The main bottleneck for the EPI budget line (2011) and vaccine budget line (2011) occurs at the authorization phase. Budget process bottlenecks identified in the analysis lead to a low mobilization rate for the immunization program. The bottlenecks identified show that a poor flow of funds causes an insufficient percentage of already allocated resources to reach various health system levels. Copyright © 2014 Elsevier Ltd. All rights reserved.
Can, Nguyen Ba; Long, Vu Van; Tam, Phan Thanh; Sinh, Nguyen Thi
Vietnam started market reforms earlier than other countries in Southeast Asia and is used as a role model by the Asian Development Bank. Nevertheless, complicated bureaucracy and regional differences hinder improvements in financial management in education. The budgeting process, in particular, is cumbersome. This book presents a report of a…
... (202) 358-2183. Persons with disabilities who require assistance should indicate this. Dated: January... Federal Advisory Committee Act, Public Law 92-463, as amended, the National Aeronautics and Space...
Full Text Available A review of: Aoife Nolan, Rory O’Connell, Colin Harvey (eds., Human Rights and Public Finance: Budgets and the Promotion of Economic and Social Rights (Oxford and Portland: Hart Publishing, 2013
... U.S. aviation industry and its capability to manage effectively the evolving transportation needs... Office of the Secretary of Transportation The Future of Aviation Advisory Committee (FAAC) Subcommittee... the General Aviation Manufacturers Association, in Washington, DC. This notice announces the date...
... U.S. aviation industry and its capability to manage effectively the evolving transportation needs... Office of the Secretary of Transportation The Future of Aviation Advisory Committee (FAAC) Subcommittee... the General Aviation Manufacturers Association, in Washington, DC. This notice announces the date...
... U.S. aviation industry and its capability to manage effectively the evolving transportation needs... Office of the Secretary of Transportation The Future of Aviation Advisory Committee (FAAC) Subcommittee... a stable, secure, and sufficient level of funding for our aviation system and make recommendations...
... recommendations to the Secretary of Transportation to ensure the competitiveness of the U.S. aviation industry and... Office of the Secretary of Transportation The Future of Aviation Advisory Committee (FAAC) Subcommittee... sufficient level of funding for our aviation system and make recommendations to the Secretary for action...
provides a framework for examining spending patterns of the federal government by category of activity, rather than by agency or type of financing ...the upcoming fiscal year. The appropriation committees then subdivide their allocated budget authority among the twelve appropriation subcommittees
-RESIGA Politehnica University of Timisoara Romania Kazuhiro TANAKA Kyushu Institute of Technology Japan Yoshinobu TSUJIMOTO Osaka University Japan Local Organizing Committee Chairman Yulin WU Tsinghua University Beijing Executive Chairman Zhengwei WANG Tsinghua University Beijing Members Shuliang CAO Tsinghua University Beijing Cichang CHEN South West University of Petroleum Chengdu Hongxun CHEN Shanghai University Shanghai Jiang DAI China Sanxia General Co Yichang Huashu DOU National University of Singapore Singapore Fengqin HAN Huanan University of Sci & Tech Guangzhou Kun LI Hefei Inst of General Machinery Hefei Rennian LI Lanzhou University of Sci & Tech Lanzhou Wanhong LI National Natural Science Foundation of China Beijing Chao LIU Yangzhou University Yangzhou Li LU China Inst of Water Resources and Hydropower Research Beijing Xingqi LUO Xi'an University of Tech Xi'an Zhenyue MA Dalian University of Sci & Tech Dalian Jiegang MU Zhejiang University of Tech Hangzhou Daqing QIN Harbin Electric Machinery Group Harbin Fujun WANG China Agriculture University Beijing Guoyu WANG Beijing Institute of Technology (BIT) Beijing Leqin WANG Zhejiang University Hangzhou Yuzhen WU NERCSPV Beijing Hongyuan XU Tsinghua University Beijing Jiandong YANG Wuhan University Wuhan Minguan YANG Jiangsu University Zhenjiang Shouqi YUAN Jiangsu University Zhenjiang Lefu ZHANG Harbin Electric Machinery Group Harbin Lixiang ZHANG Yunnan University of Sci & Tech Kunming Shengchang ZHANG Zhejiang University of Tech Hangzhou Kun ZHAO China Water & Electric Consulting Corp Beijing Yuan ZHENG Hehai University Nanjing Jianzhong ZHOU Huazhong University of Sci & Tech Wuhan Lingjiu ZHOU China Agriculture University Beijing Hongwu ZHU China Petroleum University Beijing Zuchao ZHU Zhejiang Sci-Tech University Hangzhou Secretaries Shuhong LIU (Academic), firstname.lastname@example.org Xianwu LUO (Registration), email@example.com Baoshan ZHU (Finance), firstname.lastname@example.org
Main points examined at the meeting of 24 June 2009 Results of the 2009 MARS exercise The Committee took note of the results of the 2009 MARS exercise presented by the Head of the HR Department, expressing satisfaction for the early availability of the statistics and for the fact that the analysis of the results covered the last three years. Status report on the work on the five-yearly review The Committee took note of a presentation by P. Gildemyn on the data collection procedure for the 2010 five-yearly review (staff, fellows, associate members of the personnel, CHIS) and of the proposed work schedule. Implications for employment conditions of the discussions at the Finance Committee and Council on 17 and 18 June 2009 The Chairman briefly reported on the discussions at the meetings of the Finance Committee and Council in June 2009, on the 2010-2014 medium-term plan and the 2010 preliminary draft budget, as well as on the modified strategy and goals for 2009. The Committee ...
Prof. Manuel Trajtenberg, Chair of the Planning and Budget Committee, Council for Higher Education in Israel with CERN Director-General R. Heuer and in front of the ATLAS detector on Thursday 14th January.
Maximilien Brice; Point 1
Prof. Manuel Trajtenberg, Chair of the Planning and Budget Committee, Council for Higher Education in Israel with CERN Director-General R. Heuer and in front of the ATLAS detector on Thursday 14th January.
The main items discussed at the meetings of the Standing Concertation Committee in the first quarter of 2009 included: Merit Appraisal and Recognition Scheme (MARS) 2009 exercise The committee took note of 2009 MARS ceiling guidelines giving the advancement budget by career path and amounting to approx 1.80% of the basic salary bill. To this will be added 250 steps CERN-wide, financed by savings from implementation of the international indemnity for 2007, 2008 and the first half of 2009. The specific Senior Staff Guidelines, including the proposed number of promotions from Career Path E to F, were also noted. The guidelines with respect to step distribution were also noted: the minima and maxima remain the same as in previous years. Compliance with the guidelines will continue to be monitored closely (more details, including a frequently asked questions section). It was also noted that Financial Awards (awards for extraordinary service and responsibility allowances) may b...
Canadian Teachers' Federation (NJ1), 2009
In November The Canadian Teachers' Federation (CTF), as part of the pre-budget consultation process, made a submission to the House of Commons Standing Committee on Finance. Entitled "Supporting Education... Building Canada: Child Poverty and Schools" the brief outlined why teachers saw child poverty as such an important issue to be…
Congress of the U.S. , Washington, DC. Senate Committee on Government Operations.
This is a collection of 16 articles on zero-based budgeting (ZBB), dealing primarily with the practice as it occurs in the states. Included is a lengthy report on ZBB practices in the states based on a survey conducted by the National Association of State Budget Officers and the Congressional Research Service. (IRT)
In edition no. 104 of Echo we told you about the Finance Committee meeting which took place on Wednesday 16 June and the tense atmosphere that reigned during this meeting. Echoing the alarming news from most of our countries (budget cuts, restrictions, reforms), CERN’s global budget is indeed under pressure. This is extremely serious. How can we carry out our mission if our Member States do not give us the means? Basic research cannot progress with budget cuts. The Management tried to make this understood at the meeting, however, most delegations could not or would not see reason. Refusing to sit idly by, the Staff Association decided to act immediately. It sent a letter to all ministers in the twenty Member States concerned by CERN and its financing. A copy was also sent to all Finance Committee and Council delegates. We thus hope to help convince all our Member States that it is essential that they continue to invest in basic research, a breeding ground for new ideas and at the roo...
In June, CERN Finance Committee postponed its proposals for the 2011 budget and the Director-General’s medium-term plan (2012–2015). The Member State delegations asked for a significant reduction in these budgets. The Staff Association condemns this request for new budget cuts which shows a short-term political vision. It is therefore organizing a demonstration on 25th August to defend basic research in Europe. On this day your presence is indispensable. Enough of simply getting by ! We know that budget cuts and the reduction of deficits are topical in several countries. The areas of research and training are also affected. However, in the case of CERN, severe budgetary constraints have been imposed for several years now, in particular since 1996 when the Organization’s budget was reduced by around 10%, just when the construction of the LHC was due to start. Since then, 100 million Swiss francs have been lost each year, reducing CERN’s resources to a minimum. All e...
Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars
In the fall of 2015, world leaders adopted the most ambitious global development agenda in history. Meeting the aspiring targets of the Sustainable Development Goals will require financing far beyond traditional aid. At the same time, aid itself is under major pressure as European governments cut...... aid budgets or divert them to meet refugee and migration issues. In this context of massive global ambition and concurrent uncertainty on the future of aid, other actors and sources of development financing seem ever more critical, such as the private sector, private foundations and the BRICS....... But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...
F.K.M. van Nispen tot Pannerden (Frans); J.J.A. Posseth (Johan)
textabstractPerformance-based budgeting seems to be a promising tool for improving the management and accountability of public finances. However, its application causes many difficulties. This article briefly reviews international experience with performance-based budgeting and explores its
S. S. Seryohin
Full Text Available Abstract Revealed the essence of local finance manifested in economic relations, and their structure is a combination of local budgets, special purpose budget funds; budget funds of local governments; public funds of funds banks if their share capital formed at the expense of local governments; fund municipal enterprises, institutions and organizations. The analysis on fundamental scientific research on local budgets.Defined-purpose local governments.Systematized theoretical definition of municipal finances. Formed impact of reform of local finance to ensure the improvement of socio-economic status of the region to the European Union for more confident of Ukraine’s integration into Europe. Found that implementing fiscal policy in terms of spending, local authorities are guided by the priorities of socio-economic development of the region or administrative unit in line with national principles defined government policy document. Discovered topical issues of local budgets as the existence of significant differences in the regulatory and legislative framework - the excessive centralization of local budgets unstable sources of local revenues inadequacy of intergovernmental relations. It was found that to radically change the existing system of functioning of local budgets, as required considerable time gap and improving the theoretical and methodological and regulatory framework of the local budgets.
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 958.41 Section 958.41 Agriculture Regulations... Budget. Prior to each fiscal period, and as may be necessary thereafter the committee shall prepare a budget of estimated income and expenditures necessary for the administration of this part. The committee...
Aaskoven, Lasse; Lassen, David Dreyer
The political budget cycle—how elections affect government fiscal policy—is one of the most studied subjects in political economy and political science. The key theoretical question is whether incumbent governments can time or structure public finances in ways that improve their chances...... on political budget cycles have recently focused on conditions under which such cycles are likely to obtain. Much recent research focuses on subnational settings, allowing comparisons of governments in similar institutional environments, and a consensus on the presences of cycles in public finances......—and in the reporting of public finances—is beginning to emerge....
Association of Canadian Community Colleges, 2009
Integrated with the industrial and technical drivers of the economy, Canada's colleges, institutes, polytechnics and cegeps offer the advanced skills of faculty and staff to support the private sector's need for applied research, product and process innovation, commercialization and technology transfer. Federal investments in research over the…
After a turbulent year, the Committee meetings during the week beginning 16th September took a calmer nature, even if the follow-up of the cost-to-completion review was still a central topic of discussion. The detailed Action Plan and timetable for implementing the recommendations of the External Review Committee were among the principle items. The Plan is based on actions that address specific recommendations, from the redeployment of staff to the LHC to improved financial controls and budgetary tools. It was well received by the Committees and will be presented to the full CERN Council in December. In the meantime, many actions are underway, such as the restructuring of the Accelerator Sector, and the establishment of an external committee to review costs and progress of the LHC on an annual basis. The Finance Committee examined the proposed budget for 2003, which will also be presented to Council for approval in December. In addition, the Committee approved the volume of Industrial Support contracts for 20...
Holland, Jeffrey; Blom, Barry; Arnold, Robert; Trimarco, Gerard; Booth, Mark; Hays, Ellen; Russek, Frank; Brauer, David; Futrell, Ann; Smith, Jennifer
.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget...
Morar Ioan Dan
Full Text Available The issue of public budgeting is an important issue for public policy of the state, for the simple reason that no money from the state budget can not promote public policy. Budgetary policy is official government Doctrine vision mirror and also represents a starting point for other public policies, which in turn are financed by the public budget. Fiscal policy instruments at its disposal handles the public sector in its structure, and the private sector. Tools such as grant, budgetary allocation, tax, welfare under various forms, direct investments and not least the state aid is used by the state through their budgetary policies to directly and indirectly infuence sector, and the private. Fiscal policies can be grouped according to the structure of the public sector in these components, namely fiscal policy, budgeting and resource allocation policies for financing the budget deficit. An important issue is the financing of the budget deficit budgetary policies. There are two funding possibilities, namely, the higher taxes or more axles site and enter the second call to public loans. Both options involve extra effort from taxpayers in the current fiscal year when they pay higher taxes or a future period when public loans will be repaid. We know that by virtue of "fiscal pact" structural deficits of the member countries of the EU are limited by the European Commission, according to the macro structural stability and budget of each Member State. This problem tempers to some extent the governments of the Member States budgetary appetite, but does not solve the problem of chronic budget deficits. Another issue addressed in this paper is related to the public debt, the absolute amount of its relative level of public datoriri, about the size of GDP, public debt financing and its repayment sources. Sources of public debt issuance and monetary impact on the budget and monetary stability are variables that must underpin the justification of budgetary
Full Text Available The Budget Act for the year 2014 raises legal questions in the context of the provisions of the Constitution as well as the Public Finance Act from 2009. Polish constitutional provisions relating to the state budget may be described as too general. They specify the requirements with regard to the Budget Act only to a limited extent.
The paper incorporates intergenerational fairness into a framework to analyse long-term sustainability of public finances under population ageing. It establishes a link between ageing-related public expenditure projections and public finance targets, thereby clarifying the connection between pension reforms and general government budget balance and debt targets.
Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.
Statistics on the distribution of contracts and purchase orders by country for the LHC Project based on payments and outstanding commitments for the period 1 January 1995 to 31 March 2000 (including adjudications by the Finance Committee up to March 2000).
Statistics on the distribution of contracts and purchase orders by country for the LHC Project based on payments and outstanding commitments for the period 1 January 1995 to 31 March 2000 (including adjudications by the Finance Committee up to March 2000).
Statistics on the distribution of contracts and purchase orders by country for the LHC project based on payments and outstanding commitments for the period 1 January 1995 to 31 March 2001 (including adjudications by the Finance Committee up to March 2001)
Statistics on the distribution of contracts and purchase orders by country for the LHC project based on payments and outstanding commitments for the period 1 January 1995 to 31 March 2001 (including adjudications by the Finance Committee up to March 2001)
Full Text Available Already in its early phase, starting with initial general needsof people to survive and find food, traffic and traffic se1viceturned into a modern system which increased the complexityand interdependence within the traffic system, and then withthe environment as well. The financing problem is especially expressedduring the creation of new roads and road networksand achieving of better transport service. High investmentmeans required for the road construction require also systemicforecasting of financial sources. Financing of road infrastructureconstruction opens up the basic dilemma: whether totransfer the costs directly to the state budget and the cun·entgeneration or to transfer this burden to the future generations.These considerations require also a certain organizational approach.High investments in road infrastructure require a rationalselection before the decision itself on the selection of thetraffic system. Such selection has to be done based on adequatetraffic plans, which assumes classification of all the needs regardingtheir level so that every investment would be rationallyallocated.
... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF STATE Shipping Coordinating Committee; Notice of Committee Meeting The Shipping Coordinating Committee (SHC) will conduct an... Staff Regulations and Staff Rules --Accounts and audit: Final accounts for the finance period 2012 and...
African Journal of Finance and Management ... The national budget is expected to be an instrument for the judicious allocation of public resources. ... is the health budget as it affects men and women who often face different health problems.
... Exploration and Operations (HEO) Committee, and NAC Audit, Finance and Analysis Committee; on Commercial... joint session with the NAC HEO Committee, and the NAC Audit, Finance and Analysis Committee, will take.... Visitors must show a valid State or Federal issued picture ID, green card, or passport, before receiving an...
B. Krug (Barbara)
textabstractHow is "public finance" organized in China? Is China’s public finance system different from that of other countries? Can we detect features which link today’s system to the past? Public finance refers to more than annual state budgets and constitutional procedures. It includes foreign
... PERTAINING TO MERGERS, ACQUISITIONS, AND TAKEOVERS BY FOREIGN PERSONS Definitions § 800.203 Committee... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Committee; Chairperson of the Committee; Staff Chairperson. 800.203 Section 800.203 Money and Finance: Treasury Regulations Relating to...
Dr.Sc. Bedri Peci
Full Text Available Frequent political-legal changes as well as the form of organization of the government in Kosovo from 1999 until the second part of 2008 have been reflected in the budget procedure. Budget procedure in Kosovo under the administration of United Nations Missions in Kosovo (UNMIK was a sui generis case alike UNMIK administration itself, where role of the Kosovo Assembly was nothing more than symbolic. With declaration of the independence on 17th February 2008 and promulgation of the Constitution on 8th April 2008 de jure, the role of the Assembly in the budget procedure has been empowered. However, regardless improvements in the constitutional position of the Assembly, a survey of the Assembly of Kosovo revealed many shortcomings that are necessary to be addressed in order to increase the role of the Assembly in the budget procedure. In this direction we shall emphasize increasing of the role of the Assembly in accordance with constitutional authorizations in the budget procedure, increasing of the technical capacities of the Assembly to conduct research and analysis of the budget and undertaking steps on facilitation the communication between MEFGovernment-Assembly-the Budget and Finance Committee.
.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit periodic reports to the Committees on the Budget with respect to fiscal policy and to provide five-year baseline projections of the federal budget...
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 955.41 Section 955.41 Agriculture Regulations... Assessments § 955.41 Budget. At least 60 days prior to each fiscal period, or such other date as may be... budget of income and expenditures necessary for the administration of this part. The committee may...
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 959.41 Section 959.41 Agriculture Regulations... Handling Expenses and Assessments § 959.41 Budget. As soon as practicable after the beginning of each fiscal period and as may be necessary thereafter, the committee shall prepare an estimated budget of...
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 906.33 Section 906.33 Agriculture Regulations... GRANDE VALLEY IN TEXAS Order Regulating Handling Expenses and Assessments § 906.33 Budget. At the... budget of income and expenditures necessary for the administration of this part. The committee shall...
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 948.76 Section 948.76 Agriculture Regulations... Regulating Handling Expenses and Assessments § 948.76 Budget. As soon as practicable after the beginning of... budget of income and expenditures necessary for its administration of this part. Each area committee may...
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 956.41 Section 956.41 Agriculture Regulations... OF SOUTHEAST WASHINGTON AND NORTHEAST OREGON Expenses and Assessments § 956.41 Budget. Prior to each fiscal period and as may be necessary thereafter, the committee shall prepare an estimated budget of...
... 7 Agriculture 8 2010-01-01 2010-01-01 false Budget. 966.41 Section 966.41 Agriculture Regulations... Handling Expenses and Assessments § 966.41 Budget. At the beginning of each fiscal period and as may be necessary thereafter, the committee shall prepare an estimated budget of income and expenditures necessary...
... 25 Indians 1 2010-04-01 2010-04-01 false Budget. 122.7 Section 122.7 Indians BUREAU OF INDIAN... § 122.7 Budget. (a) By August 1 of each year, the Osage Tribal Education Committee will submit a proposed budget to the Assistant Secretary or to his/her designated representative for formal approval...
Hirth, Stefan; Flor, Christian Riis
Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...... of underinvestment and, hence, induces cutting down investment. On the other hand, severely constrained firms benefit more by getting closer to the first-best investment implying higher investment....
HEALTH & FINANCE. Patrick Thokwa Masobe. Patrick Thokwa Masobe completed his undergraduate studies at Grinnel/. University in the USA, and a Master. Degreefrom the University of London in. 1995. He is wrrently employed by the national Department of Health, where he led the task team charged with making.
dr. Margreet F. Boersma-de Jong
Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence
HEALTH & FINANCE. MAIN ARTICLE what proportion of the contribution will go towards the savings account. 'There is a belief that medical savings accounts distort the cross- subsidisation principles within a medical scheme.' utilisation. Anton Roux. 3. It places the bargaining responsibility in the hands of the consumers ...
Bank for International Settlements
Introduction In May 2003, the Committee on the Global Financial System (CGFS) decided to establish a Working Group on Ratings in Structured Finance to explore the role of rating agencies in the rapidly evolving markets for structured finance instruments. To facilitate a better understanding of this role and of structured finance markets more broadly, the Working Group was mandated to identify and explain methodological differences that exist between the rating of structured finance instrument...
Boersma-de Jong, Margreet F.
Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence Sustainable Business Administration & Management Accounting, Financial Leadership and what is the importance of CSR in the financial sector
Full Text Available The article presents the legal content and system of the 2015 Budget Act and the legal significance of its regulations. In the paper there are also proposals to the new structure Polish Budget Act. The present system of the Budget Act does not include the revenues and expenditure of certain state funds (especially the National Road Fund and finances of State Treasury companies. The current system weakens the control function and budgetary power of the Parliament. New Polish system of the Budget Act should contain the general budget and several special budgets.
Granetto, Paul J; Marsh, Patricia A; Armstrong, Jack L; Wenzel, Paul C; Barnes, Leslie M; Grum, Andrew D; Kleiman, E. E; Baer, Joseph A; Maroska, Chad A; Thompson, Ann L
.... This is the second in a series of reports related to Army budget execution operations. The first report discussed the transmission of Army budget execution data by the Defense Finance and Accounting Service (DFAS...
Moraru Camelia; Popovici Norina
Worldwide, over time, the years of economic crisis were defined by significant increases in the levels of budget deficits. Discussions on sizing budget deficits, financing, especially the volume of public debt became more intense, both politically and academically. The impact of budget deficit on economic growth is a common theme found in the economic policies adopted. The present paper aims to analyze the evolution of budget deficit and the structural budget deficit in Romania during 2000-20...
Hearing on Revenue Provision in President's Fiscal Year 2000 Budget. Testimony before the House Committee on Ways and Means. Statement of Rene Bouchard, District Superintendent, Steuben-Allegany Counties, and Chief Executive Officer, Steuben-Allegany Board of Cooperative Educational Services, Bath, New York on Behalf of National Rural Education Association.
In an address to the House Ways and Means Committee on the Revenue Provision in the Year 2000 Budget, Rene Bouchard, CEO of Steuben-Allegany Board of Cooperative Educational Services, discusses the needs of rural schools and how the President's school modernization proposal would help them. Bouchard argues the need for federal assistance to school…
L.C.Risti; C. Nicolaescu; D.Tăgăduan
The budget deficit can not be analyzed autarchically, as it affects all the macroeconomic processes and, is itself influenced by all other macroeconomic indicators. Most analyses and studies on public finance and budget balance measure the impact that budgetary deficits accumulation has on economy. Therefore, the present paper aims at following and analyzing the mutual impact between budget deficit and another economic macro indicator, namely the economic growth.
Andersen, Asger Lau; Lassen, David Dreyer; Nielsen, Lasse Holbøll Westh
The budget forms the legal basis of government spending. If a budget is not in place at the beginning of the fiscal year, planning as well as current spending are jeopardized and government shutdown may result. This paper develops a continuous-time war-of-attrition model of budgeting...
One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...... this get increasingly dicult on available hardware. In this paper three alternative methods for evaluating derivatives are compared: the complex-step derivative approximation, the algorithmic forward mode and the algorithmic backward mode. These are applied to the price of the Credit Value Adjustment...
Lennox, Gareth D; Fargione, Joseph; Spector, Sacha; Williams, Gwyn; Armsworth, Paul R
Land-acquisition strategies employed by conservation organizations vary in their flexibility. Conservation-planning theory largely fails to reflect this by presenting models that are either extremely inflexible-parcel acquisitions are irreversible and budgets are fixed-or extremely flexible-previously acquired parcels can readily be sold. This latter approach, the selling of protected areas, is infeasible or problematic in many situations. We considered the value to conservation organizations of increasing the flexibility of their land-acquisition strategies through their approach to financing deals. Specifically, we modeled 2 acquisition-financing methods commonly used by conservation organizations: borrowing and budget carry-over. Using simulated data, we compared results from these models with those from an inflexible fixed-budget model and an extremely flexible selling model in which previous acquisitions could be sold to fund new acquisitions. We then examined 3 case studies of how conservation organizations use borrowing and budget carry-over in practice. Model comparisons showed that borrowing and budget carry-over always returned considerably higher rewards than the fixed-budget model. How they performed relative to the selling model depended on the relative conservation value of past acquisitions. Both the models and case studies showed that incorporating flexibility through borrowing or budget carry-over gives conservation organizations the ability to purchase parcels of higher conservation value than when budgets are fixed without the problems associated with the selling of protected areas. © 2016 Society for Conservation Biology.
Hoffman, Amanda; Spence, Jay
To effectively partner with hospital operations leaders, healthcare finance leaders should: Streamline and align financial planning and budgeting functions across the organization; Ensure capital planning is regarded as a strategic process; Optimize performance monitoring across management levels.
Full Text Available In the article the peculiarities of financing healthcare in Ukraine. Analyzed various sources of funding for the sector. Health expenditure per capita of the population in Ukraine and around the world have been investigated. On the basis of the analysis found that the size of budget financing are inefficient and do not meet the resource needs of the industry. Clarified the problems of resource provision of health care and the shortcomings of public Finance mechanisms. Asked to review the existing allocation mechanism of the industry and the rapid transition to a model of budgetary-insurance medicine
On May 14, Governor Arnold Schwarzenegger released the May Revision to the proposed budget for the current year (2009-10) and budget year (2010-11). State finances have continued a three-year decline, with anticipated General Fund spending of $83 billion, their lowest in six years. To address the budget shortfall, the Governor proposes major…
... 11 Federal Elections 1 2010-01-01 2010-01-01 false Political committee. 9002.9 Section 9002.9 Federal Elections FEDERAL ELECTION COMMISSION PRESIDENTIAL ELECTION CAMPAIGN FUND: GENERAL ELECTION FINANCING DEFINITIONS § 9002.9 Political committee. For purposes of this subchapter, political committee...
As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes.
Edo Cvrkalj; Denis Smolar
Traditional budgeting principles, with strictly defined business goals, have been, since 1998, slowly growing into more sophisticated and organization-adjusted alternative budgeting concepts. One of those alternative concepts is the “Beyond budgeting” model with an implemented performance effects measuring process. In order for the model to be practicable, budget planning and control has to be reoriented to the “bottom up” planning and control approach. In today’s modern bus...
Organising Committee Chair Dr. Georgios Priniotakis Scientific Committee Chair Prof. Dr. Savvas Vassiliadis List of International Organizing Committee, Honorary Scientific Committee, International Scientific Committee are available in this PDF
Full Text Available Abstract Background The 58th World Health Assembly and 56th WHO Regional Committee for Africa adopted resolutions urging Member States to ensure that health financing systems included a method for prepayment to foster financial risk sharing among the population and avoid catastrophic health-care expenditure. The Regional Committee asked countries to strengthen or develop comprehensive health financing policies. This paper presents the findings of a survey conducted among senior staff of selected Eritrean ministries and agencies to elicit views on some of the elements likely to be part of a national health financing policy. Methods This is a descriptive study. A questionnaire was prepared and sent to 19 senior staff (Directors in the Ministry of Health, Labour Department, Civil Service Administration, Eritrean Confederation of Workers, National Insurance Corporation of Eritrea and Ministry of Local Government. The respondents were selected by the Ministry of Health as key informants. Results The key findings were as follows: the response rate was 84.2% (16/19; 37.5% (6/16 and 18.8% said that the vision of Eritrean National Health Financing Policy (NHFP should include the phrases ‘equitable and accessible quality health services’ and ‘improve efficiency or reduce waste’ respectively; over 68% indicated that NHFP should include securing adequate funding, ensuring efficiency, ensuring equitable financial access, protection from financial catastrophe, and ensuring provider payment mechanisms create positive incentives to service providers; over 80% mentioned community participation, efficiency, transparency, country ownership, equity in access, and evidence-based decision making as core values of NHFP; over 62.5% confirmed that NHFP components should consist of stewardship (oversight, revenue collection, revenue pooling and risk management, resource allocation and purchasing of health services, health economics research, and development of
The lecture note is aimed at introducing system budgets for optical communication systems. It treats optical fiber communication systems (six generations), system design, bandwidth effects, other system impairments and optical amplifiers.......The lecture note is aimed at introducing system budgets for optical communication systems. It treats optical fiber communication systems (six generations), system design, bandwidth effects, other system impairments and optical amplifiers....
Social Security Administration — DCS Budget Tracking System database contains budget information for the Information Technology budget and the 'Other Objects' budget. This data allows for monitoring...
The main items discussed at the meetings of the Standing Concertation Committee on 25 June 2008 included: Mutual Aid Fund The committee took note of the annual report for 2007 by the chairman of the Mutual Aid Fund and approved contributions to the Fund’s 2008 budget from the Management and the Staff Association. Results of 2008 MARS exercise and LHC achievement awards The committee took note of the Head of HR Department’s presentation of the results of the 2008 MARS exercise and the distribution of LHC achievement awards. It was noted that these awards would be granted with effect from 1 October 2008 (see Bulletin 18&19). The results show agreement with the 2008 MARS guidelines (see Bulletin 10&11) for the advancement ceilings per career path, the number of awards for extraordinary service, as well as the distribution of steps for the recognition of merit as shown in the SCC of 27 February (see Bulletin 14&15). Follow-up of Finance Committee and Council...
.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit periodic reports to the Committees on the Budget with respect to fiscal policy and to provide five-year baseline projections of the federal budget...
.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide five-year baseline projections of the federal budget...
.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide five-year baseline projections of the federal budget...
stresses the relevance of budgeting to arts organisations that ought to achieve their goals and objectives. It evidences the difficulties faced by ... development in arts organizations. A budget committee should be set up and staff training and .... An important benefit of budgeting in any arts organization worth its salt is that it is a.
Kristiansen, Mads Bøge
-per is to explore how such a centralization cascade may look like when zooming into a specific case. Another aim is to explore the consequences of the changes of budget institutions. The paper shows that the fiscal crisis was a window of opportunity for the Ministry of Finance to introduce a budget reform...... that centralizes decisions making. A centralization cascade is identi-fied, as the Ministry of Finance enhances more power and control the ministries more frequent and more in the depth, as a result of this parent ministries have to control their agencies more frequent and much more detailed than before, which...
Peter J. Graham
Full Text Available We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suitably designing strategies. We conducted semi-structured interviews of selected finance managers of listed firms in Indonesia and Australia. Consistent with the contingency theory, we found that economic, political, legal and social uncertainty impact on the use of capital budgeting systems. The levels of uncertainty were higher in Indonesia than Australia and need to be reckoned in the selection of capital budgeting systems used by firms. We also found that firms are influenced by project size and complexity, when selecting capital budgeting systems.
Full Text Available Healthcare financing system is of crucial importance for the functioning of any healthcare system, especially because there is no country in the world that is able to provide all its residents with access to all the benefits afforded by modern medicine. Lack of resources in general and rising healthcare expenditures are considered a difficult issue to solve in Croatia as well. Since Croatia gained its independence, its healthcare system has undergone a number of reforms, the primary objective of which was to optimize healthcare services to the actual monetary capacity of the Croatian economy. The objectives of the mentioned re - forms were partially achieved. The solutions that have been offered until now, i.e. consolidation measures undertaken in the last 10 years were necessary; however, they have not improved the operating conditions. There is still the issue of the deficit from the previous years, i.e. outstanding payments, the largest in the last decade. Analysis of the performance of healthcare institutions in 2011 shows that the decision makers will have to take up a major challenge of finding a solution to the difficulties the Croatian healthcare system has been struggling with for decades, causing a debt of 7 billion kuna. At the same time, they will need to uphold the basic principles of the Healthcare Act, i.e. to provide access to healthcare and ensure its continuity, comprehensiveness and solidarity, keeping in mind that the National Budget Act and Fiscal Responsibility Act have been adopted.
Edwards, Brian; Perry, Mary
EdSource's annual public education budget report, "School Finance 2006-07: State Leaders Settle Up with Education," offers a comprehensive look at this year's funding decisions for schools, recent budget history, and how the state's schools are funded. In contrast with last year's budget battles, the process for 2006-07 notably lacked…
Full Text Available The object of this article is to determine the main purpose of company’s budgeting, to study its functions in terms of personnel management, to identify the main advantages and disadvantages of budgeting and to determine the stages of realization budgeting in the company. There have been considered the purpose and aim of budgeting. The main functions of budgeting, which include such ones as: planning, forecasting, information and analysis function, motivational, coordinative, control and involvement function have been identified (determined. In terms of defined functions of budgeting their essence in budgeting personnel costs has been outlined. The main advantages and disadvantages of budgeting have been found. There has been determined the implementing and realization company’s budgeting. The process of budgeting is realized according to the following consecutive stages: preparatory and analytical stage; definition of budget constraints; drafting up the budget; discussion and adjustment of budget indicators; adoption of budget; analysis and control of the budget. There also has been considered budget organization structure which includes budget committee, budget planning and analysis department, financial responsibility center.
Full Text Available Traditional budgeting principles, with strictly defined business goals, have been, since 1998, slowly growing into more sophisticated and organization-adjusted alternative budgeting concepts. One of those alternative concepts is the “Beyond budgeting” model with an implemented performance effects measuring process. In order for the model to be practicable, budget planning and control has to be reoriented to the “bottom up” planning and control approach. In today’s modern business surroundings one has to take both present and future opportunities and threats into consideration, by valorizing them in a budget which would allow a company to realize a whole pallet of advantages over the traditional budgeting principles which are presented later in the article. It is essential to emphasize the importance of successfully implementing the new budgeting principles within an organization. If the implementation has been lacking and done without a higher goal in mind, it is easily possible that the process has been implemented without coordination, planning and control framework within the organization itself. Further in the article we present an overview of managerial techniques and instruments within the “Beyond budgeting” model such as balanced scorecard, rolling forecast, dashboard, KPI and other supporting instruments. Lastly we define seven steps for implementing the “Beyond budgeting” model and offer a comparison of “Beyond budgeting” model against traditional budgeting principles which lists twelve reasons why “Beyond budgeting” is better suited to modern and market-oriented organizations. Each company faces those challenges in their own characteristic way but implementing new dynamic planning models will soon become essential for surviving in the market.
Ohanian, Lee E
During World War II, government expenditures were financed primarily by issuing debt. During the Korean War, expenditures were financed almost exclusively by higher taxes, reflecting President Truman's preference for balanced budgets. This paper evaluates quantitatively the economic effects of the different policies used to finance these two wars. Counterfactual experiments are used to explore the implications of financing World War II like the Korean War, and financing the Korean War like Wo...
..., and NAC Audit, Finance and Analysis Committee; on Commercial Orbital Transportation Services... Space Committee, and NAC Audit, Finance and Analysis Committee, will take place on Tuesday, July 24... show a valid State or Federal issued picture ID, green card, or passport, before receiving an access...
Full Text Available For some time, quite a few countries have been facing a serious crisis of public finances. This crisis fundamentally determines their everyday lives; therefore, it comes as no surprise that the changes within the field of public budgeting are labelled as priorities. In this context, the questions of advancement of the public sector management, the process of making more quality decisions about public spending and the increase in the responsibility of the budget users become particularly important. The introduction and the gradual improvement of performance budgeting is an indisputable manifestation of an effort to reform the area of financing public spending. Performance budgeting, as an advanced model of public budgeting, is a huge step forward in the direction of providing a better usage of budget funds, achieving consolidation of public finances and being more successful in meeting the public needs. As the financing of the public sector entities (organisations, institutions is closely related to their performance, performance budgeting is also, to some extent, a suitable way to eliminate the shortcomings and modify the traditional 'philosophy' underlying the operation of the public sector, to rationalise the system of public expenditures and to manage them more successfully. Performance budgeting is complex by its nature and may not easily be performed in certain segments of the public sector. In many developed countries, it has been implemented for more than half a century. Monitoring and measuring the public sector performances, the increase in the scope and the improvement in the quality of public goods and provided public services are highly ranked goals in these countries, which are highly committed to instituting a more adequate control over the public funds and innovating their budget system in the direction of attaining the highest level of development.
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...
Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role
Smith, J. McCree
Three methods for the preparation of maintenance budgets are discussed--(1) a traditional method, inconclusive and obsolete, based on gross square footage, (2) the formula approach method based on building classification (wood-frame, masonry-wood, masonry-concrete) with maintenance cost factors for each type plus custodial service rates by type of…
Hoff, David J.
Many state budgets are reaping the benefits of tax revenues that are rising faster than at any time since the economic slowdown ended. Overall tax collections by states rose by 11.7 percent in the first quarter of 2005, giving the legislatures extra cash to shore up school aid, increase teacher pay, and finance new initiatives such as full-day…
Regional Finance Forum: Financing Resilient and Sustainable Water Infrastructure, held in Addison, Texas, September 10-11, 2015.Co-sponsored by EPA's Water Infrastructure and Resiliency Finance Center and the Environmental Finance Center Network.
Alexey Yuryevich Domnikov
Full Text Available The development of modern Russian energy collides with the need for major investments in the modernization and renewal of generation and transmission capacity. In terms of attracting sufficient financial resources and find ways to increase, energy sector profitability and investment attractiveness of particular importance is the problem of investment financing optimizing aimed at minimizing the cost of financing while maintaining financial stability of the power companies and the goals and objectives of Russian energy system long-term development. The article discusses the problem of investment projects financing in power generation from the point of view of the need to achieve optimal investment budget. Presents the author’s approach to the investment financing optimization of power generation company that will achieve the minimum cost of resources involved, taking into account the impact of the funding structure for the power generating company financial sustainability. The developed model is applied to the problem of investment budget optimizing, for example, regional power generating company. The results can improve the efficiency of investment in energy, sustainable and competitive development of regional energy systems.
Full Text Available The budget represents a document which states the annually approved incomes, revenues and expenses, expenditures or, only the expenses depending on the self-financing form of the economical enterprise. The consolidated budget of the state is elaborated starting from the budget which encompasses all the economical transactions which take place in the national economy; however it only includes the resources and the expenses of the public structures.
Breitenbauch, Henrik Ø.
The issue of burden-sharing will be a hot topic at the Munich Security Conference, a major annual event that kicks off this week. In Europe the political mechanics of defense budget hikes work differently than in the United States, where it is Congress that holds the purse strings. Across...... the Atlantic, it is the ministries of finance that play the central role in controlling budgets — defense and otherwise. This means that real progress on raising European defense spending will require convincing the finance ministers and their top civil servants of the new realities of European geopolitics...... and the direct utility of defense spending....
Kiddie Credit Cards. Hearing before the Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs. House of Representatives, One Hundred Third Congress, Second Session (March 10, 1994).
Congress of the U.S., Washington, DC. House Committee on Banking, Finance and Urban Affairs.
This hearing transcript presents testimony and discussion of a congressional committee on the marketing of credit cards to high school and college students and the consequences of that activity. Chairman Joseph P. Kennedy opened the hearing with a statement describing aggressive credit marketing to this population and some of his concerns. Ruth…
Financing the American Consumer: A Business Report on Consumer Credit. Part II--Committee Reports. Report of the Sub-Council on Credit and Related Terms of Sale of the National Business Council for Consumer Affairs.
National Business Council for Consumer Affairs, Washington, DC.
A companion volume to Part I--Summary Report, this volume contains the reports of four committees. Topics are: (1) The Role and Functioning of Consumer Credit (consumer credit and social policy, consumer credit and economic growth, structure of the consumer credit market, the economics of consumer credit, credit revenues, credit costs, and a model…
This article discusses ways to lesson the restrictions on health development in sub-Saharan Africa caused by limited public health budgets. Health improvements can be funded by the implementation of health insurance, the use of foreign aid, the raising of taxes, the reallocation of public money, and direct contributions by users or households either in the form of charges for services received or prepayments for future services. Community financing, i.e. the direct financing of health care by households in villages or distinct urban communities, is seen as preferable to a national or regional plan. When community financing is chosen, a choice must then be made between direct payment, fee-for-service, and prepayment (insurance) systems. The 3 systems, using the example of an essential drugs program, are described. Theoretically, with direct payment the government receives full cost recovery, and the patients receive the drugs they need, thereby improving their health. Of course the poor may not be able to purchase the drugs, therefore a subsidy system must be worked out at the community level. Fee-for-service means charging for a consultation or course of treatment, including drugs. A sliding scale of fees or discounts for certain types of consultations (e.g. pre-and post natal) can be used. In fee-for-service the risk is shared; because the cost of drugs is financed by the fees, those who receive costly treatments are subsidized by those whose treatments are relatively inexpensive. With prepayment or health insurance the risk of illness is shifted from the patient to the insurance firm or state. 2 issues make insurance plans hard to implement. When patients are covered by insurance, they may demand "too much" medical care (moral hazard) and thus premiums may be too small to cover treatment costs. On the other hand, people in low-risk groups may be unwilling to pay a higher premium, thus leading to adverse selection. Eventually, premiums may rise to the point where
RADU NICOLAE BĂLUNĂ
Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding
Full Text Available The issue of public finance sustainability is very important for all EU member states in the actual context after the economic crisis. This article makes an analysis of the sustainability of public finances for the new member states (which joined EU in 2004 and 2007. Firstly, we try to analyze the impact of the economic crisis on public finances sustainability. The sustainability of public finances can be reflected through the level of public debt and budget deficit for a country. For this reason the article presents the evolution of budget deficits for NMS 12 before and after the recent economic crisis. Based on the econometric regression the correlation between economic growth rate (indicator used for measuring the economic evolution and the budget deficit is revealed. Results for Romania and NMS 12 are quite similar; fact that tells us that the status of public finances is following the same trend in Romania as in the NMS 12.
Kerste, M.; Weda, J.; Rosenboom, N.
Innovative finance instruments can help increase funding of investments aimed at environmental and social sustainability.This report highlights leading literature and empirical findings on innovations in financing environmental and social sustainability. Many of these instruments have not been implemented for long, as yet, or are even still in their design phase. Being a relatively young (academic) discipline, the report starts off with designing a framework to describe and assess innovative finance instruments. Thereafter, a sample of instruments is discussed based on this framework, respectively Green Bonds, Index-Linked Carbon Bonds, Payment for Environmental Services, Kiva, and Gender budgeting. This report is part of a set of SEO-reports on finance and sustainability. The other reports deal with: Financing the Transition to Sustainable Energy; Carbon Trading; and Sustainable investment.
Photo 01: Mr Ansar Shamsi, Member Finance, Pakistan Atomic Energy Commission (centre), visiting the ATLAS Tile Calorimeter in building 191 with, from left to right, Mr Syed Shaukat Hussain, Pakistan Mission in Geneva and Dr Peter Jenni, ATLAS Spokesperson. Photo 02: Mr Ansar Shamsi, Member Finance, Pakistan Atomic Energy Commission (2nd form left), visiting the ATLAS Tile Calorimeter in building 191 with, from left to right, Mr Syed Shaukat Hussain, Pakistan Mission in Geneva; Dr Peter Jenni, ATLAS Spokesperson; Dr David Jacobs and Dr Philip Bryant, Joint Pakistan-CERN Committee.
Tuner, James A.
Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…
Full Text Available Budget deficit is one of the most important parts of macroeconomics. Since 1990, the government of the Lithuanian Republic has been faced with problems in balancing the budget deficit; most of the years, the country’s budget was deficit with the lack of incoming money flow. The budget deficit value in Lithuania has been a significant theme since 2004, when Lithuania became part of the European Union, and one of the liabilities was to insure the litas replacement with euro currency and the budget deficit was one of the Maastricht’s criteria. Also it is very important to maintain effective management of public finances. The government is responsible for managing the country’s budget in respect to various economical parameters, for example, GDP, inflation rate, unemployment rate, etc., in order to plan income level and distribute it to the relevant economic areas. Also, the budget deficit’s problems are revealed in this article.
Despite bold efforts to consolidate public finances, Ukraine’s growth potential remains undermined by a large public sector, high public debt levels and inefficient provision of critical public services. The Ukraine government faces new public spending pressures which, if realized, would reverse recent fiscal consolidation gains. In this context, the objective of this Public Finance Review...
Kim, Jim Yong
Remarks delivered by Jim Yong Kim, President of the World Bank Group. The Third International Conference on Financing for Development represents an important milestone in efforts to achieve universal and sustainable development as we move beyond 2015 and introduce a new set of Sustainable Development Goals. This event aims to mobilize high-level political support for financing gender equality and women’s...
This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)
Williams, T.A.; Cole, R.J.; Brown, D.R.; Dirks, J.A.; Edelhertz, H.; Holmlund, I.; Malhotra, S.; Smith, S.A.; Sommers, P.; Willke, T.L.
This guidebook contains information on alternative financing methods that could be used to develop solar thermal systems. The financing arrangements discussed include several lease alternatives, joint venture financing, R and D partnerships, industrial revenue bonds, and ordinary sales. In many situations, alternative financing arrangements can significantly enhance the economic attractiveness of solar thermal investments by providing a means to efficiently allocate elements of risk, return on investment, required capital investment, and tax benefits. A net present value approach is an appropriate method that can be used to investigate the economic attractiveness of alternative financing methods. Although other methods are applicable, the net present value approach has advantages of accounting for the time value of money, yielding a single valued solution to the financial analysis, focusing attention on the opportunity cost of capital, and being a commonly understood concept that is relatively simple to apply. A personal computer model for quickly assessing the present value of investments in solar thermal plants with alternative financing methods is presented in this guidebook. General types of financing arrangements that may be desirable for an individual can be chosen based on an assessment of his goals in investing in solar thermal systems and knowledge of the individual's tax situation. Once general financing arrangements have been selected, a screening analysis can quickly determine if the solar investment is worthy of detailed study.
service personnel, they were re- mustered into a new corps, the Finance Service. Corps (redesignated the SA Military Finance. Service on 1 January 1975) on 1 July 1972. Internal financial administration was improved on 1 April 1974 when a Directorate of Expendi- ture Control was established, mainly as a result.
Kostochkina Tatiana Andreevna
Full Text Available The author considers the mechanism of financing for social policy in Belovo Kemerovo region. There is the analysis of the dynamics and structure of the budget expenditures on social policy of Belovo, on the base of the result of the analysis the ways to improve the financing of the social policy of Belovo can be determined.
Nelson, F. Howard
Reviews the United States' fiscal situation and the outlook for local, state, and federal government support of education. Focuses on the impact of decentralization of education financing under a conservative government and on the influence of federal budget deficits on school finance. Includes suggestions for educators in seeking financial…
This paper presents an overview of the Malaysian healthcare system and its method of financing. The development of the healthcare delivery system in Malaysia is commendable. However, the strength and weaknesses of the public healthcare system and the financing problems encountered are also discussed. Cost of healthcare and funding of both the public and private sectors were also revealed. One must optimise the advantages of operating a health financing scheme which is affordable and controllable which contribute towards cost-containment and quality assurance. Thus, there is a need for the establishment of a National Healthcare Financing, a mechanism to sustain the healthcare delivery network and operate it as a viable option. A model of the National Health Financing Scheme (NHFS) was proposed.
Huang, Chin-Wen; Hsu, Chun-Pin
This case study explores the use of online games to teach personal finance concepts at the college level. A number of free online games targeting such topics as budgeting and saving, risk and return, consumer credit, financial services, and investments were introduced to the experimental group as homework assignments. Statistical results indicate…
Klimova Natalya Vladimirovna
Full Text Available The marketing role in financial activity of the organisation is shown, their dual dependence is defined, three blocks of business process are allocated «marketing» connected with the finance, methods of working out of the budget of marketing are generalised, the estimation of efficiency of marketing activity and marketing audit are considered.
Objective: This review evaluates healthcare funding in Nigeria ith respect to health budget and health expenditure, appraises the national health insurance scheme, and examines community health care financing as a plausible option to a more effective funding of healthcare in Nigeria. Pattern of health funding in Nigeria: ...
This paper sought to investigate financing challenges that local government councils in Botswana were likely to face as a result of budget and expenditure cuts in 2012 and beyond, in the light of the economic downturn. Using the case study design, the paper gathered data from officers involved with Orphaned and ...
Eight years of school finance under New Jersey governor Brendan Byrne is analyzed. The author suggests the new governor will face the same problems Byrne faced eight years ago: a legal challenge to the state's system of funding schools, and a large hole in the state budget. (KC)
Presentations and materials from the Regional Finance Forum, Financing Resilient and Sustainable Water Infrastructure, held in Iselin, New Jersey, on December 2, 2015. The forum was co-sponsored by EPA's Water Infrastructure and Resiliency Finance Center,
Drott, M. Carl
Describes various forms of budgets and discusses concepts in budgeting useful to supervisors of school media centers: line item budgets, capital budgets, creating budgets, the budget calendar, innovations, PPBS (Planning, Programing, Budgeting System), zero-based budgeting, cost-benefit analysis, benefits, benefit guidelines, and budgeting for the…
Full Text Available This paper entitled "Public expenditure on health in local budgets" aims analysing and deepening major spending categories that public authorities finance at local level, namely health expenditure. In the first part of the article we have specified the content and role of this category of expenditure in local budgets and also made some feedback on decentralization in health. In the second part of the work, based on data available in Statistical Yearbook of Romania, we have carried out an analysis of the dynamics of health spending from local budgets to emphasize their place and role in the health care expenses. The research carried out follows that the evolution and structure of health expenditure financed from local budgets is determined, along with the legislative framework in the field, by several variables that differ from one territorial administrative unit to another: the existence of sanitary units, their type, the involving of local public authorities in their development and modernization, the number and the social structure of the population. The research shows that over the period 1993-2015, the dynamics of the share of health spending in total expenditures of local budgets is sinusoidal, with a minimum threshold in 2000 of only 0.3%.
Christensen, John; Shaxson, Nick; Wigan, Duncan
The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...
Health programs are shaped by the decisions made in budget processes, so how budget-makers view health programs is an important part of making health policy. Budgeting in any country involves its own policy community, with key players including budgeting professionals and political authorities. This article reviews the typical pressures on and attitudes of these actors when they address health policy choices. The worldview of budget professionals includes attitudes that are congenial to particular policy perspectives, such as the desire to select packages of programs that maximize population health. The pressures on political authorities, however, are very different: most importantly, public demand for health care services is stronger than for virtually any other government activity. The norms and procedures of budgeting also tend to discourage adoption of some of the more enthusiastically promoted health policy reforms. Therefore talk about rationalizing systems is not matched by action; and action is better explained by the need to minimize blame. The budget-maker's perspective provides insight about key controversies in healthcare policy such as decentralization, competition, health service systems as opposed to health insurance systems, and dedicated vs. general revenue finance. It also explains the frequency of various "gaming" behaviors. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.
Department of Transportation — The Automated Budget System (ABS) automates management and planning of the Mike Monroney Aeronautical Center (MMAC) budget by providing enhanced capability to plan,...
Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services
This tool is for state and local governments interested in developing a financing program to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.
Hommes, C.; Durlauf, S.N.; Blume, L.E.
Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response
Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance
as not coming with necessary documents: they also insult workers of the section. The workers of the section have also admitted that they do not endeavor to the best of their capacity due to luck of additional payment. II. Interview with Students. Seven students which were considered key person were purposely selected for.
... labor relations matters, and to be briefed by LSC's Inspector General.\\1\\ \\1\\ Any portion of the closed... the Finance Committee. 13. Consider and act on the report of the Audit Committee. 14. Consider and act...
Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.
An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to
Nesladek, Pavel; Wiswesser, Andreas; Sass, Björn; Mauermann, Sebastian
The Critical dimension off-target (CDO) is a key parameter for mask house customer, affecting directly the performance of the mask. The CDO is the difference between the feature size target and the measured feature size. The change of CD during the process is either compensated within the process or by data correction. These compensation methods are commonly called process bias and data bias, respectively. The difference between data bias and process bias in manufacturing results in systematic CDO error, however, this systematic error does not take into account the instability of the process bias. This instability is a result of minor variations - instabilities of manufacturing processes and changes in materials and/or logistics. Using several masks the CDO of the manufacturing line can be estimated. For systematic investigation of the unit process contribution to CDO and analysis of the factors influencing the CDO contributors, a solid understanding of each unit process and huge number of masks is necessary. Rough identification of contributing processes and splitting of the final CDO variation between processes can be done with approx. 50 masks with identical design, material and process. Such amount of data allows us to identify the main contributors and estimate the effect of them by means of Analysis of variance (ANOVA) combined with multivariate analysis. The analysis does not provide information about the root cause of the variation within the particular unit process, however, it provides a good estimate of the impact of the process on the stability of the manufacturing line. Additionally this analysis can be used to identify possible interaction between processes, which cannot be investigated if only single processes are considered. Goal of this work is to evaluate limits for CDO budgeting models given by the precision and the number of measurements as well as partitioning the variation within the manufacturing process. The CDO variation splits according to
ORDINARY MEETING ON 29 SEPTEMBER 2003 Original: English This meeting was devoted to the main topics summarised below. 1 Follow-up from the meetings of TREF and the Finance Committee in September 2003 The last meeting of TREF had been devoted to presentations and clarifications on the 5-Yearly Review process. The content and planning of the 2005 Review are matters for the next Management, which will be presented to TREF next year. Underlining that due account has to be taken of the limited resources available to conduct such an exercise, the Staff Association stated that it looks forward to the concertation process at the SCC in preparing the next 5-Yearly Review to define an optimum set of topics in order to ensure that CERN can attract, retain and motivate the personnel that it needs to remain a centre of excellence. The Chairman of the SCC recalled that an information document on the Cost-Variation Index for 2004 had been transmitted to the Finance Committee last September and that complete information o...
budget practices. See Appendix D for the actual timetable of congressional action on the FY1999 budget.65 See James V. Saturno , The Appropriations...details, see James V. Saturno , The Appropriations Process and the Congressional69 Budget Act, CRS Report 97-947. Table 6. Milestone Votes on the Defense...James V. Saturno , The74 Appropriations Process and the Congressional Budget Act, CRS Report 97-947. The Budget Enforcement Act of 1990 and subsequent
Natalya Pavlovna Pazdnikova
Full Text Available The article addresses the implementation of budget risk management methods into the practices of governmental authorities. Drawing on the example of a particular region the article aims to demonstrate the possible methods of budget risk management. The authors refine the existing approaches to the notion of risk in its relation to budget system by introducing the notion of “budget risk.” Here the focus is the risk of default of budget spending in full which causes underfunding of territories and decrease in quality of life in the region. The authors have particularized the classification of budget risks and grouped together the criteria and factors which significantly influence the assessment and choice of method to manage budget risks. They hypothesize that budget risk is a financial risk. Therefore, the methods of financial risks management can be applied to budget risks management. The authors suggest a methodological approach to risk assessment based on correlation and regression analysis of program financing. The application of Kendall rank correlation coefficient allowed to assess the efficiency of budget spending on the implementation of state programs in Perm Krai. Two clusters — “Nature management and infrastructure” and “Public security” — turned out to be in the zone of high budget risk. The method of stress analysis, which consists in calculating Value at Risk (VaR, was applied to budget risks that in terms of probability are classified as critical. In order to assess risk as probability rate, the amount of Perm Krai deficit budget was calculated as induced variable from budget revenues and spending. The results demonstrate that contemporary management of public resources in the regions calls for the implementation of new management tools of higher quality and budget risk management is one of them.
The FY 1996 budget presentation is organized by the Department`s major business lines. An accompanying chart displays the request for new budget authority. The report compares the budget request for FY 1996 with the appropriated FY 1995 funding levels displayed on a comparable basis. The FY 1996 budget represents the first year of a five year plan in which the Department will reduce its spending by $15.8 billion in budget authority and by $14.1 billion in outlays. FY 1996 is a transition year as the Department embarks on its multiyear effort to do more with less. The Budget Highlights are presented by business line; however, the fifth business line, Economic Productivity, which is described in the Policy Overview section, cuts across multiple organizational missions, funding levels and activities and is therefore included in the discussion of the other four business lines.
This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...... advantage of this identification strategy is that inheritances from estates that hold risky assets alter the active decision from one of choosing to take risk to one of choosing not to take risk. Our measure of experience derives from investments in banks that defaulted following the financial crisis. We...
Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007
Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.
This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.
... International Trade Administration Renewable Energy and Energy Efficiency Advisory Committee AGENCY... Renewable Energy and Energy Efficiency Advisory Committee (RE&EEAC) will meet to hear briefings on the state of renewable energy finance and to discuss the development of recommendations on increasing the...
Full Text Available There is the direct definition between the quality of enterprise management and the enterprise competi-tiveness in the conditions of modern market. The main amount of Russian and western enterprises use the technology of budget management in finance for operate management. So far, as practice shows, enter-prises often use such budgeting model, which can not be adequate to the modern market demand and modern Russian economy aspects. Modern budgeting models, their advantages and disadvantages are considered and analyzed in this article.
Full Text Available The paper substantiates the need for scientific studying the state of local infrastructure financing as well as efficient management of the existing infrastructure facilities. It is noted that under the influence of such factors as globalization, urbanization and information revolution the value of the city and role thereof in society are increasing. Based on analysis of the budget and demographic indices it has been proven that Kyiv, as the capital, occupies a unique place in the economic life of Ukraine, while being the country's financial and investment centre. It has been asserted that the critical level of the city's key infrastructure deterioration indicates lack of adequate municipal management in this field. The paper also asserts a high level of monopolization regarding housing and communal services, whereas also provides substantiation of the need for developing new competitive financing mechanisms to be applied. Existence of significant disparities between development of the city and construction of the essential transport infrastructure has been demonstrated with the said fact being due to incompliance of the borrowed finances with real investment needs. Given the international experience, the methods of upgrading the existing city infrastructure as well as sources of financial support for the new infrastructure projects have been suggested
Hogan, Michael F; Drake, Robert E; Goldman, Howard H
Medicaid is now the main payment source and financing mechanism for services for adults with serious mental illness. Services formerly paid with state mental health funds have been converted to Medicaid, lightening the burden on state budgets affected by recession and other factors. The change has allowed states to maintain community care and inpatient services (in general hospitals). Medicaid service benefits include clinic and inpatient care, case management, and some rehabilitation services. But using Medicaid to finance some high-priority services such as supported employment has proven difficult. Now critical changes in Medicaid under the Affordable Care Act allow states to amend their Medicaid State Plans to provide more flexible services to people with serious mental illness. Advocacy and support may be needed to encourage this step. A national campaign to finance supported employment would join various stakeholders in the field, including professional organizations, family and service user groups, and organizations representing service providers. The authors of this editorial pledge their energies to support this campaign. They present suggestions for a campaign, including building a coalition, goals and targets, and online resources.
Full Text Available Tax reliefs are optional, but a very important element of the taxation system. This element is used for different purposes by a country’s government institutions. Tax reliefs are a form of tax expenditure that helps to reduce budget revenues. Tax reliefs influence individual and corporate financial behaviour and can have positive or negative effects on the economic and social factors. In the last few years, expansion of tax relief has attracted worldwide attention because of the fact that, after the global financial crisis, many countries are still suffering from fiscal deficits, and expansion of tax relief has not contributed to solving this problem. Tax reliefs are presupposed to be a fiscal policy tool of significance in various subsystems of public finances. The main aim of this article is to examine the impact of personal income tax reliefs on Lithuanian public finances. To achieve this aim, statistical information was systemized; Monte Carlo method was used to group data by horizontal rows and logical links analysed, which helped to evaluate the influence of tax reliefs on public finances. In the simulations, the Monte Carlo method helped to simulate random samples, which were then examined by adapting the conclusions of the theory of probability and mathematical statistics methods.
Gyorgy Adina Crsitina
Full Text Available The importance of the local public finance is growing in accordance with the increasing proportion of the decentralization process. The mechanism of resource allocation, and especially the allocation criteria used, constitutes subjects of debate. Our objective pursued is to assess whether the avoidance of the first step for balancing the allocation of funds can provide enhanced fairness in balancing the local budgets across the country. Local budgets in Romania receive significant resources from the state budget in the form of amounts and quotas distributed from certain taxes, which are revenues for the state budget. Some of these amounts are designed to balance the local budgets. The distribution of funds from the state budget to the local budgets requires two steps. Firstly, the amounts are divided by county, secondly, these amounts are directed within the county especially towards localities which have a lower financial standing. Given the significant disparities between counties, we believe that this mechanism does not ensure fairness in the allocation because the funds distributed according to the first step may not use fair criteria to meet the requirements for balanced local budgets. Therefore, we intend to simulate a balanced allocation of national funds for eliminating the first step that produces the most significant inequities. Direct application of the second step of allocation, with its two phases, will provide more funds serving those local administrative units for the income tax per capita is lower than the national average. Comparing the values allocated for the year 2011 with those obtained in the simulation we will examine changes that occur after the application of this method which seems to be more equitable and appropriate. This work was supported by CNCSISUEFISCSU, project number PNII-IDEI 1780/2008
Background National health accounts provide useful information to understand the functioning of a health financing system. This article attempts to present a profile of the health system financing in Malawi using data from NHA. It specifically attempts to document the health financing situation in the country and proposes recommendations relevant for developing a comprehensive health financing policy and strategic plan. Methods Data from three rounds of national health accounts covering the Financial Years 1998/1999 to 2005/2006 was used to describe the flow of funds and their uses in the health system. Analysis was performed in line with the various NHA entities and health system financing functions. Results The total health expenditure per capita increased from US$ 12 in 1998/1999 to US$25 in 2005/2006. In 2005/2006 public, external and private contributions to the total health expenditure were 21.6%, 60.7% and 18.2% respectively. The country had not met the Abuja of allocating at least 15% of national budget on health. The percentage of total health expenditure from households' direct out-of-pocket payments decreased from 26% in 1998/99 to 12.1% in 2005/2006. Conclusion There is a need to increase government contribution to the total health expenditure to at least the levels of the Abuja Declaration of 15% of the national budget. In addition, the country urgently needs to develop and implement a prepaid health financing system within a comprehensive health financing policy and strategy with a view to assuring universal access to essential health services for all citizens. PMID:21062503
It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the
World Bank; International Monetary Fund
Almost all formal small and medium enterprises (SMEs) in Jamaica have access to checking or saving accounts, but the financial sector is scarcely used to finance their investments. The lack of funding for the SME sector, or its high cost, has a negative impact on entrepreneurship and business profitability and stability through the business life-cycle, having a particularly negative effect...
Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…
Oregon State Board of Education, Salem.
The guide was developed to aid teachers in planning and developing programs in personal finance education which will prepare students to function as intelligent consumers. Three case studies illustrating common consumer problems are followed by the body of the guide, focusing on five major topics and incorporating economic, social, and physical…
The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.
Kohatsu, Arturo; Miquel, Montero
This article is an introduction to Malliavin Calculus for practitioners. We treat one specific application to the calculation of greeks in Finance. We consider also the kernel density method to compute greeks and an extension of the Vega index called the local vega index.
Full Text Available This article gives answers to following important questions: What are the main tasks and aims of strategic planning and program budgeting in the context of managing the public finances? Why the introduction of linking between strategic planning and program budgeting, oriented to the result, is important in Georgia? The paper emphasizes the efforts of Georgian authorities to implement performance-based program budgeting. Based on the initial results, authorities decided to establish a link between strategic planning and budgeting, as a condition for implementing performance-based budgeting. It presents steps toward this goal and outlines some remarks on future measures.
Duarte Bom, P.R.; Ligthart, J.E.
We study the dynamic output and welfare effects of public infrastructure investment under a balanced budget fiscal rule, using an overlapping generations model of a small open economy. The government finances public investment by employing distortionary labor taxes. We find a negative short-run
Ogden, Daniel M., Jr.
Suggests that the most practical budgeting system for most managers is a formalized combination of incremental and zero-based analysis because little can be learned about most programs from an annual zero-based budget. (Author/IRT)
Montgomery County of Maryland — This dataset includes the Fiscal Year 2015 Council-approved operating budget for Montgomery County. The dataset does not include revenues and detailed agency budget...
Hansen, Per H.
In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...
The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.
This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...
Garry J. Schinasi
This paper articulates a logical foundation-drawn from disparate literatures-for understanding why safeguarding financial stability is an important economic policy objective. The paper also explains why private aspects of finance provide broader social economic benefits and have the characteristics of public goods. Unique aspects of finance are examined, as are the linkages between finance, money, and the real economy. Sources of market imperfections in finance are identified and their implic...
Islamic finance literacy has become critical for the future growth of the Islamic financial sector in the twenty-first century. While a multi-pronged approach is called for, the focus in this paper is on the undergraduate programs in Islamic banking and finance. It analyses the state of teaching of Islamic banking and finance at the undergraduate level and proposes solutions for improving the undergraduate education of Islamic banking and finance.
Joao L.M. Amador
The study of fiscal policy and budget deficits has been an active field of research in economic theory throughout the decades. This literature has addressed very different questions such as the consequences of running budget deficits, the optimal financing of budget deficits or the required conditions to avoid an unsustainable path for the public debt. Nowadays, fiscal policy analysis has gained increased interest in the face of the new monetary union in Europe. In fact, public spending and t...
This article gives answers to following important questions: What are the main tasks and aims of strategic planning and program budgeting in the context of managing the public finances? Why the introduction of linking between strategic planning and program budgeting, oriented to the result, is important in Georgia? The paper emphasizes the efforts of Georgian authorities to implement performance-based program budgeting. Based on the initial results, authorities decided to establish a link bet...
J.L.T. Blank; E. Eggink
Original title: Tussen bed en budget. The report Between bedside and budget (Tussen bed en budget) describes an extensive empirical study of the efficiency of general and university hospitals in the Netherlands. A policy summary recaps the main findings of the study. Those findings
Warner, Alice Sizer
Discusses the advantages and disadvantages of six types of budgets commonly used by many different kinds of libraries. The budget types covered are lump-sum; formula; line or line-item; program; performance or function; and zero-based. Accompanying figures demonstrate the differences between four of the budget types. (three references) (KRN)
Full Text Available The main objective of this paper is to evaluate the sustainability of public finance in Romania and to explore the fiscal threats Romania might face in the future. A sound fiscal policy implies avoiding excessive liabilities of the government, but at the same time delivering the proper public goods and services, including the necessary safety net in times of crisis. An unsustainable fiscal position negatively impacts on macroeconomic stability; moreover, if public finances are perceived to be unsustainable in the long run, the reaction of the international financial markets could generate a fiscal crisis, which might surprise the fiscal planners. The main findings of the paper are the following: i according to the multidimensional approach of the European Commission, in the short run, it seems that Romania is free from fiscal stress, there is a low risk in the medium term, and in the long run the risk becomes medium; ii a potential medium-term fiscal sustainability risk derives from the accumulation of losses and arrears in the business and companies sectors in which the state is a majority shareholder; iii Romania records one of the lowest budget revenues to GDP ratios in EU, while the Romanian tax system is characterized by a poor tax collection, inefficient administration and excessive bureaucracy; iv the structure of public spending in Romania is characterized by the predominance of wage spending and social assistance, while the poor state of the public pension system is an important vulnerability of the public finance position; v overall, the degree of tax compliance in Romania was only 55.8% in 2013, and according to the calculations made by the Fiscal Council, tax evasion represented 16.2% of GDP in 2013. All these aspects make up a grim picture of sustainability of public finances, which has to be considered by the public decision makers regarding future fiscal policy actions.
Anna Ivanovna Povarova
Full Text Available Vladimir Putin’s “May decrees” have received the status of a national goal. On the background of decreasing economic performance exacerbated by external shocks, the implementation of these decrees has become a heavy burden for regional budgets without an adequate financial support from the federal budget. As a result, almost every Russian region has suffered losses by the end of 2014. The fallacy of the ongoing course of budget policy has long been criticized by many leading scholars and experts; moreover, they proposed positive recommendations on the development of alternative policies. Unfortunately, the results of 2014 prove that the RF Government has not abandoned the policy of budget consolidation. On the contrary, gratuitous financial assistance to the regions is actively transformed into debt financing in the form of budget loans. However, the regional authorities can rely on this quasi-support, which is a temporary factor, only provided that the budget is deficit-free and at the expense of abandonment of spending on economic development and on the improvement of welfare of the population. The results of the analysis of the facts indicate that the budget-related problems of the regions, arising largely from the inefficient federal budget policy, have reached the critical level. One fourth of the subjects that had a predominant share of market debt turned out to be in a pre-default state. The breakdown of public finances has affected the most prosperous regions, which is contrary to the paradigm of sustainable regional development. The regions entered the crisis of 2014 with huge debt and budget deficit; the situation was not so grave during the financial and economic crisis of 2009. In terms of the upcoming 10% cut of federal budget expenditures , the subjects of the Russian Federation can hardly expect an increase in financial support. They will obviously have to adapt their budgets to the changing economic situation. But in
more details about the President’s tax proposals, see Joint Committee on Taxation, Estimated Budget Effects of the Revenue Provisions Contained in...Proposals Would Have the Largest Budgetary Effects ? The President’s budget contains many proposed changes to tax and spending policies. Over the 2015...CBO’s baseline economic projections and do not reflect the macroeconomic effects of the President’s proposals. Actual, 2015- 2015- 2013 2014 2015 2016
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical......, identify interest rate models, value bonds, estimate parameters, and much more. This textbook will help students understand and manage empirical research in financial engineering. It includes examples of how the statistical tools can be used to improve value-at-risk calculations and other issues...
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
, identify interest rate models, value bonds, estimate parameters, and much more. This textbook will help students understand and manage empirical research in financial engineering. It includes examples of how the statistical tools can be used to improve value-at-risk calculations and other issues......Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...
Full Text Available Published by Palgrave MacmillanThis chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth. In the literature review, he discusses in detail some recent evidence indicating that the marginal contribution of financial development to gross domestic product (GDP growth becomes negative when credit to the private sector reaches 110 per cent of GDP. The chapter concludes with some policy conclusions targeted to developing countries.
Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard
that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical......Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics......, identify interest rate models, value bonds, estimate parameters, and much more. This textbook will help students understand and manage empirical research in financial engineering. It includes examples of how the statistical tools can be used to improve value-at-risk calculations and other issues...
The July 2010 edition of Prakarsa is devoted to Financing Infrastructure, and examines a variety of mechanisms that can be used to secure and manage funding for a broad range of infrastructure sectors. Feature articles include discussions of public service obligations/pioneer services (“Shifting the Mindset: Public Service Obligations and Pioneer Services in Indonesia's Transport Sector” by Peter Benson and Kawik Sugiana); how semi-autonomous local entities can deliver services (“A Promising ...
Full Text Available The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality. In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer, resulting in benefits for all transaction participants ('win-win-win'. Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory. The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis, thereby shifting the focus from the product (as was the case before the crisis to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.
Berg, Christian Edelvold; Lund, Anker Brink
Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...... Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision...
Seydel, Rüdiger U
Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains: Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...
..., March 8, 2011, 8:30 a.m. to 12 p.m. ADDRESSES: Doubletree Bethesda Hotel and Executive Meeting Center... the Committee about the Department's Fusion Energy Sciences (FES) fiscal year (FY) 2012 budget... 2012 Congressional Budget Request FES Program FY 2012 Congressional Budget Request FES Response to the...
Neil J. Buckley; Katherine Cuff; Jeremiah Hurley; Logan McLeod; Stuart Mestelman; David Cameron
This paper presents the results of a revealed-choice experiment testing the theoretical predictions of a model of a mixed system of public and private finance. In the context of a mixed system of health care finance, we investigate behavioural responses to changing the public sector allocation rule (needs-based vs. random), the supply of health care resources, and the size of the public health care budget on the following outcomes: the equilibrium market price for health care resources, the n...
Full Text Available This paper studies why public finances in Sweden have remained very strong during the current financial crisis. Unlike almost all other European countries, Sweden has had budget surpluses and a government debt ratio around 40 percent of GDP during the recent crisis. We attribute this to two important factors. First, Sweden entered the crisis with strong public finances and second that unemployment did not rise as much as normally during recessions. The Swedish fiscal framework that was introduced after the banking crisis in the early 1990s with expenditure ceilings, a top-down budget process, balanced budget requirement for local governments has played an important role. We show that the behavior of budget deficits has changed significantly recently, from a deficit bias to a surplus bias. Aggregate demand remained strong during the crisis even though exports fell sharply. As unemployment in the manufacturing sector increased, it was to a large extent offset by increased employment in the service sector.
Full Text Available Many different budgeting techniques can be used in libraries, and some combination of these will be appropriate for almost any individual situation. Li-ne-item, program, performance, formula, variable, and zero-base budgets all have features that may prove beneficial in the preparation of a budget. Budgets also serve a variety of functions, providing for short-term and long-term financial planning as well as for cash management over a period of time. Short-term plans are reflected in the operating budget, while long-term plans are reflected in the capital budget. Since the time when cash is available to an organization does not usually coincide with the time that disbursements must be made, it is also important to carefully plan for the inflow and outflow of funds by means of a cash budget. During the budget process an organization selects its programs and activities by providing the necessary funding; the library, along with others in the organization, must justify its requests. Because of the cyclical nature of the budget process, it is possible continually to gather information and evaluate alternatives for the next budget period so that the library may achieve its maximum potential for service to its patrons.
To develop your confidence in F#, this tutorial will first introduce you to simpler tasks such as curve fitting. You will then advance to more complex tasks such as implementing algorithms for trading semi-automation in a practical scenario-based format.If you are a data analyst or a practitioner in quantitative finance, economics, or mathematics and wish to learn how to use F# as a functional programming language, this book is for you. You should have a basic conceptual understanding of financial concepts and models. Elementary knowledge of the .NET framework would also be helpful.
... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless...
Heydorn, Kaj; Madsen, B.S.
The quality of analytical results is expressed by their uncertainty, as it is estimated on the basis of an uncertainty budget; little effort is, however, often spent on ascertaining the quality of the uncertainty budget. The uncertainty budget is based on circumstantial or historical data......, and therefore it is essential that the applicability of the overall uncertainty budget to actual measurement results be verified on the basis of current experimental data. This should be carried out by replicate analysis of samples taken in accordance with the definition of the measurand, but representing...... the full range of matrices and concentrations for which the budget is assumed to be valid. In this way the assumptions made in the uncertainty budget can be experimentally verified, both as regards sources of variability that are assumed negligible, and dominant uncertainty components. Agreement between...
These days it is not unusual to find people with a PhD in physics on the trading floor of a bank, but seven years ago such folk were very rare. This article is about what happens when a physicist works on the trading floor; not only the financial mathematics and research but also the people and the situations that he or she encounters. It is partly biographical, beginning with the description of the research at the Clarendon Laboratory that the author was involved in, and describing how she ended up working for a bank. Various aspects of the finance research that she now pursues are explained, starting with simple foreign exchange rate calculations, going on to discuss some subtle aspects of the Black-Scholes model used in the valuation of financial instruments, and concluding with study on the fair price of options which illustrates how important it is to apply the research methods learnt in physics to the world of finance.
This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...
The Staff Association, following its participatory and consensual approach, always tries to find the best possible agreements for the Organization and its staff. For this our main assets are in discussion and consultation with the management, explanatory work and persuasion at TREF, and in other meetings, with delegates from Member States. TREF (Tripartite Employment Conditions Forum), a forum for exchange and discussion "The objective of the Forum is to improve the decision-making process by giving those concerned the opportunity and time to understand fully the positions of all participants." (CERN / RTG / 8) The Tripartite Forum on Employment Conditions (TREF) was created by CERN Council in June 1994 and is composed of representatives of the Member States, the Management and the Staff Association. The forum is tasked with the studies of remuneration and employment conditions at CERN and does not have decision authority. As its name suggests, TREF allows an exchange of views between the th...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Budget and budget narrative. 3402.14 Section 3402.14 Agriculture Regulations of the Department of Agriculture (Continued) COOPERATIVE STATE RESEARCH, EDUCATION... budget narrative. Applicants must prepare the Budget, Form CSREES-2004, and a budget narrative...
Besley, Timothy J.; Meads, Neil; Surico, Paolo
This paper uses mortgage data to construct a measure of terms on which households access to external finance, and relates it to consumption at both the aggregate and cohort levels. The Household External Finance (HEF) index is based on the spread paid by risky borrowers in the mortgage market. There is evidence that the terms of access to external finance matter more for the consumption of young cohorts in U.K. data. Results are robust to a wide variety of specifications.
Discusses fiscal equalization in financing public education and provides examples of school districts (from varying income levels) that have successfully provided equal access to educational resources.
Hughes, Jonathon T.; Rodabaugh, Karl
This book provides an overview of the potential of multimedia budget proposals. The text reviews the fundamentals of multimedia, emphasizing how it improves communication by using multiple levels of input. A process for analyzing many of the budget decisions that must be made, as adapted from Robert Finney's five-step process of "Gap…
Poon, Martha; Olen, Helaine
When economists ask questions about basic financial principles, most ordinary people answer incorrectly. Economic experts call this condition "financial illiteracy," which suggests that poor financial outcomes are due to a personal deficit of reading-related skills. The analogy to reading is compelling because it suggests that we can teach our way out of population-wide financial failure. In this comment, we explain why the idea of literacy appeals to policy makers in the advanced industrial nations. But we also show that the narrow skill set laid out by economists does not satisfy the politically inclusive definition of literacy that literacy studies fought for. We identify several channels through which people engage with ideas about finance and demonstrate that not all forms of literacy will lead people to the educational content prescribed by academic economists. We argue that truly financial literate people can defy the demands of financial theory and financial institutions. © The Author(s) 2015.
Ioan E. Nistor
Full Text Available One of the most pressing problems faced by micro, small and medium sized enterprises (henceforth SMEs in Europe is the access to sufficient funds to sustain their long term growth. Romanian SMEs make no exception. In this context the present paper focuses on analyzing the extent to which external funding sources have contributed to the value added created by the Romanian SMEs between 2007 and 2011.The investigation’s results indicate the existence of a causal link between some forms of external financing (namely bank loans, leasing, factoring, guarantee products and European funds and the value added created by the Romanian micro, small and medium sized enterprises in the aforementioned period.
Chen, Cathy; Overbeck, Ludger
This volume provides practical solutions and introduces recent theoretical developments in risk management, pricing of credit derivatives, quantification of volatility and copula modeling. This third edition is devoted to modern risk analysis based on quantitative methods and textual analytics to meet the current challenges in banking and finance. It includes 14 new contributions and presents a comprehensive, state-of-the-art treatment of cutting-edge methods and topics, such as collateralized debt obligations, the high-frequency analysis of market liquidity, and realized volatility. The book is divided into three parts: Part 1 revisits important market risk issues, while Part 2 introduces novel concepts in credit risk and its management along with updated quantitative methods. The third part discusses the dynamics of risk management and includes risk analysis of energy markets and for cryptocurrencies. Digital assets, such as blockchain-based currencies, have become popular b ut are theoretically challenging...
Williams, R B
The process of preparing a hospital pharmacy budget is presented. The desired characteristics of a budget and the process by which it is developed and approved are described. Fixed, flexible, and zero-based budget types are explained, as are the major components of a well-developed budget: expense, workload, productivity, revenue, and capital equipment and other expenditures. Specific methods for projecting expenses and revenues, based on historical data, are presented along with a discussion of variables that must be considered in order to achieve an accurate and useful budget. The current shift in emphasis away from revenue capture toward critical analysis of pharmacy costs underscores the importance of budgetary analysis for hospital pharmacy managers.
Full Text Available This article considers the problems of financial support of the regional and municipal economy development. Formation of the institutional basis for the budgeting process and budgets interactions between the territories of different levels are shown on the base of retrospective analysis of foundation and development of budget federalism in Russia. Attraction of entrepreneurial sector resources on the conditions of public-private partnership is discussed as additional finance source and definite particularities of this process are described in line with the possibilities of their appliance.
Berlinger, Edina; Badics, Milán; Banai, Ádám; Daróczi, Gergely; Dömötör, Barbara; Gabler, Gergely; Havran, Dániel; Juhász, Péter; Margitai, István; Márkus, Balázs; Medvegyev, Péter; Molnár, Julia; Szucs, Balázs Árpád; Tuza, Ágnes; Vadász, Tamás; Váradi, Kata; Vidovics-Dancs, Ágnes
This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.
Strategic finance is aligning financial decisions--regarding revenues, creating and maintaining institutional assets, and using those assets--with the institution's mission and strategic plan. The concept known as "strategic finance" increasingly is being seen as a useful perspective for helping boards and presidents develop a sustainable…
Drs. Ewoud Jansen
The book is about finance and accounting, subjects widely discussed in many other books. What sets this book apart from most others is that it discusses all the basic aspects of finance and accounting in one single textbook. Three areas of interest are discussed: Financial Management; Management
Items 1 - 16 of 16 ... The African Journal of Finance and Management is designed to carry articles, announcements, notes and reports on in-depth, theoretical and empirical research, analysis of field experience and significant new developments in finance, management, banking, accountancy, insurance, social security, ...
Croci, Ettore; Doukas, John A.; Gonenc, Halit
This study uses a comprehensive European dataset to investigate the role of family control in corporate financing decisions during the period 1998-2008. We find that family firms have a preference for debt financing, a non-control-diluting security, and are more reluctant than non-family firms to
Iqbal, Zamir; MIRAKHOR, ABBAS
Islamic finance has been practiced in some form since the inception of Islam, its practice in modern financial markets became recognized only in the 1980s, and began to represent a meaningful share of global financial activity only around the beginning of this century. In recent years, significant interest in Islamic finance has emerged in the world's leading conventional financial centers...
Irina Yu. Fedorova
Full Text Available This article deals with the problem of budget allocation in the state order inRussia. Assesses the effectiveness of the financial mechanism of the public procurement business entities, purchasing activities are regulated by Federal Law №44-FZ and №223-FZ. The dynamics of financing the procurement process and reveal its features by using the most common methods of procurement through competitive bidding and without bidding. Identifies the causes of inefficient spending budget as a result of the non-competitive procurement methods by certain categories of business entities.
This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...
Hayden, F. Gregory
By algebraically defining a school finance structure as a total budget system, partial derivatives can be used to find the kinds of rewards, incentives, and distributions the structure defines for individual districts and among districts. Equity concerns can also be answered. (Author/IRT)
Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a
Full Text Available The term 'budget' has international significance for national income and expenditure plan and used by most countries in the world. Symbolizes the bag Minister of Finance by the same 'opening' during the presentation to parliament plan of government revenues and expenditures. The main sources of environmental financing in the Republic of Serbia, the State Budget and fee income. Elements of the system of financing environmental regulations are defined in different areas. To collect data on the financing of environmental protection at the national level the fundamental importance of the Agency for Environmental Protection. The environment must have a much higher priority than it currently has in Serbia. Environmental protection is one of the most important activities of the company, it impinges on all aspects of people's daily lives. The analysis of economic instruments in environmental protection is very important, because it shows how much this activity is effectively implemented at the state and local level.
Full Text Available ABSTRACTParliaments and audit agencies have critical and complementary roles in the oversight of the budget and the enforcement of government accountability. Yet, the nexus between parliaments and audit agencies is one of the weakest links in the accountability chain, generating an accountability gap in the budget process. This articles analyses the interactions between parliaments and audit agencies in the oversight of government finances during the latter stages of the budget process. Using proxies to evaluate the quality of those linkages, such as the follow-up to audit findings and the discharge of government, it shows important dysfunctions in the interactions between parliaments and audit agencies due to a combination of technical capacity constraints and political economy disincentives. It suggests that the effective functioning of the system of checks and balances in public budgeting critically hinges on the agility of the linkages between accountability institutions. As such, the failure of budget accountability is due to systemic dysfunctions in the systems of accountability, rather than the failure of an individual accountability institution acting in isolation. In addition, the effectiveness of the horizontal accountability architecture depends on the political economy incentives shaping the budget process, which are generated by the interactions between the choice of institutional design and budget rules, with the degree of political competition and electoral rules.
McGinnis, Shannon M; McKeon, Thomas; Desai, Richa; Ejelonu, Akudo; Laskowski, Stanley; Murphy, Heather M
Despite the success of recent efforts to increase access to improved water, sanitation, and hygiene (WASH) globally, approximately one-third of schools around the world still lack adequate WASH services. A lack of WASH in schools can lead to the spread of preventable disease and increase school absences, especially among women. Inadequate financing and budgeting has been named as a key barrier for integrating successful and sustainable WASH programs into school settings. For this reason, the purpose of this review is to describe the current knowledge around the costs of WASH components as well as financing models that could be applied to WASH in schools. Results show a lack of information around WASH costing, particularly around software elements as well as a lack of data overall for WASH in school settings as compared to community WASH. This review also identifies several key considerations when designing WASH budgets or selecting financing mechanisms. Findings may be used to advise future WASH in school programs.
This is an overview of the 1997 budget request for the US DOE. The topics of the overview include a policy overview, the budget by business line, business lines by organization, crosswalk from business line to appropriation, summary by appropriation, energy supply research and development, uranium supply and enrichment activities, uranium enrichment decontamination and decommissioning fund, general science and research, weapons activities, defense environmental restoration and waste management, defense nuclear waste disposal, departmental administration, Office of the Inspector General, power marketing administrations, Federal Energy Regulatory commission, nuclear waste disposal fund, fossil energy research and development, naval petroleum and oil shale reserves, energy conservation, economic regulation, strategic petroleum reserve, energy information administration, clean coal technology and a Department of Energy Field Facilities map.
This article discusses women's rights to inherit land, the impact of flexible loan schemes for women, and the paucity of available loan schemes for women. The poor without land ownership have many problems obtaining credit for shelter from conventional finance markets. The poor must limit loans to small amounts that banks do not want to bother with. Eligibility criteria for loans usually require collateral, such as a high and regular income, savings, or land. The poor, and particularly poor women, cannot acquire credit or can do so only through a husband or male relative. Female heads of households are discriminated against when the man is assumed to be the major income source. Most housing purchases in developing countries are made through cash payments from family savings or informal loans. Even small loans may place a heavy burden on women. The author gives several examples of credit groups and their success in generating income and housing security. There remains a need to provide training and education for women and to improve women's access to credit and land. Information should be available to women on how to obtain credit. Governments and nongovernmental organizations have a responsibility to provide support for women's efforts to provide housing and support for their families.
The finance sector is one of the driving forces for the use of distributed or Grid computing for business purposes. The speakers will review the state-of-the-art of high performance computing in the financial sector, and provide insight into how different types of Grid computing – from local clusters to global networks - are being applied to financial applications. They will also describe the use of software and techniques from physics, such as Monte Carlo simulations, in the financial world. There will be four talks of 20min each. The talk abstracts and speaker bios are listed below. This will be followed by a Q&A panel session with the speakers. From 19:00 onwards there will be a networking cocktail for audience and speakers. This is an EGEE / CERN openlab event organized in collaboration with the regional business network rezonance.ch. A webcast of the event will be made available for subsequent viewing, along with powerpoint material presented by the speakers. Attendance is free and open to all. R...
Marco Flávio da Cunha Resende
Full Text Available The finance-investment-savings-funding circuit in open economies. On monetary economies the Finance-Investment-Savings-Funding circuit (F-I-S-F prevails. Investment precedes savings. This circuit was worked out for a closed economy. This study seeks to demonstrate that the circuit F-I-S-F also prevails for open economies. A second point studied in this paper relates the relationship between budget deficits and savings restriction for investment. Conclusions highlight that the circuit F-I-S-F prevails for open economies and that budget deficits do not cause savings restriction for investment. In some situations budget déficits transfer the effects of investment for national savings formation from domestic economy to the rest of the world.
Change and transformation in the understanding and definition of citizenship has led to the emergence of citizen-oriented public service approach. This approach also raised a new term and concept in the field of public budgeting because of the transformation in the processes of public budgeting: citizens' budget. The citizens' budget which seeks…
Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.
Full Text Available The general financial situation of municipal government in the European Union countries seems to be very good. The dynamics of tax income value growth achieved by local and regional authorities considerably exceed the figures characterizing the all public sector. Moreover, municipal authorities at the local and regional level are a leading public investor in many EU countries, they finance 69,3% of all public investments in average in all EU. Besides the value of their budget deficits, at the level of 0,2% GDP, and also their share in values of the national debt at the level of 5,8% GDP the European Union can be qualified as safe having no negative impact on getting positive economic effects in many countries of the European Union.
WaterSense created the Water Budget Tool as one option to help builders, landscape professionals, and irrigation professionals certified by a WaterSense labeled program meet the criteria specified in the WaterSense New Home Specification.
Town of Chapel Hill, North Carolina — This dataset contains the Town's Year-to-Date Budget and Actuals for Fiscal Years 2016, 2017, and 2018. Fiscal years run from July 1 to June 30. The data comes from...
U.S. Environmental Protection Agency — BAS is the central Agency system used to integrate strategic planning, annual planning, budgeting and financial management. BAS contains resource (dollars and FTE),...
Signe Krogstrup; Sébastien Wälti
If women have different economic preferences than men, then female economic and political empowerment is likely to change policy and household decisions, and in turn macroeconomic outcomes. We test the hypothesis that female enfranchisement leads to lower government budget deficits due gender differences in preferences over fiscal outcomes. Estimating the impact of women's vote on budget deficits in a differences-in-differences regression for Swiss cantonal panel data, we find that including ...
Obetta, Chukwuemeka K.; Oreh, Catherine I.
Utilisation of community management strategies is an approach to governance that is based on community and organisational involvement. Communities with development projects have formed community projects management committees (CPMCs) that are encouraged to adopt the community management strategy in the planning and financing of community…
Khokher, Zeigham Islam
As opposed to the well developed and understood equity markets, the energy markets are still in their infancy. The explosion of contracts, of both the primary and derivative types, are testament both to the existing size and the untapped growth potential of this exciting industry. However, because of its relative youth many basic issues in the energy markets remain unresolved. This thesis introduces some interesting questions and provides insights into these issues. Thematically, the chapters of this thesis are linked by an emphasis on valuation and risk management decisions. A contribution of this thesis is to show that subtle differences between the endogenous price process in our general equilibrium setting and the exogenous processes considered in earlier papers can generate significant differences in both financial and real option values. In addition to these valuation concerns there has been much debate about the corporate risk management function. Finance theory suggests that a value maximizing corporation should either be indifferent to hedging or, in the presence of certain imperfections, it should completely hedge all exposures. Both these extremes contradict empirical evidence. We show that existing corporate hedging behaviour is best explained in light of both physical market imperfections and directional predictions on future prices. While these speculative motives may arise from corporate hubris or genuine informational advantages, we argue that it would be difficult to implement private information in the absence of noise traders. Related to the risk management decision is the existence of futures risk premia. These premia have been thought to be cause by covariance with priced factors or due to the hedging demands of consumers and producers. This thesis argues that inventories serve as a signal of available quantity, which coupled with consumers fears regarding stockouts can induce a positive relationship between premia and inventories. In
Xavier De Scheemaekere
... physics. The aim of this paper is to provide a conceptual framework for the interpretation of mathematical models in finance, in order to determine the epistemological standards according to which financial...
David Cantarero Prieto
Full Text Available The present paper has as objective to study the whole relative problem to the autonomous communities and regional heath care expenditure financing in Spain. This article has a dual purpose. First, the financing of the current health care attendance is approached in the Spanish regions passing magazine to its possible variants and we observe that the balance of our system is clearly inclined towards the side of the integration in the general pattern of financing («Fiscal Room» with specific conditions («Mixed System». Secondly, we examine the new situation in the mark of health care and its corresponding financing in the new model approved in 2001, in terms of the effects of tax assignment on autonomous communities.
provides an overview of financing strategies and highlights a community that leveraged Clean Water State Revolving Fund (CWSRF) resources for a flood mitigation project that provided multiple economic, environmental, and social benefits.
Its time to rethink how we fund transportation infrastructure because most transportation : experts agree: theres a transportation funding and financing crisis looming. : Projected revenues from current sources of transportation funding will am...
Bucci, G A; Tenorio, R
"We introduce a government budget constraint into an illegal immigration model, and show that the effect of increasing internal enforcement of immigration laws on the host country's disposable national income depends on the mix of employer fines and income taxation used to finance the added enforcement. These issues are addressed under alternative assumptions about (a) the ability of host country employers to discern between legal and illegal workers, and (b) host country labor market conditions. Empirical evidence for the United States indicates that the employer sanctions program may have had a negative impact on disposable national income." excerpt
Defensa Nacional - National Defense b. Grupo de Desarrollo Economico - Group of Economic Development - Sector de Finanzas - Finance - Sector de...CLASSIFICATION OF THIS PAGE (Wse. Dale 9 Waestd UNCLASSIFIED In the United States Department of Defense, the Planning , Programming and Budgeting System (PPBS...branch and auditing with the Comptroller General. In the United States Department of Defense, the Planning , Programming and Budgeting System (PPBS) was
Nicholas Barberis; Richard Thaler
Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, which argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then present a number of behavioral finance ap...
Keuschnigg, Christian; Egger, Peter
Since innovative firms are often financially constrained, access to external funds is important for the expansion of innovative industries. This paper reports four important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax finance constraints and create a comparative advantage in innovative industries. Second, factor price equalizatio...
The Finance Committee is invited to authorize CERN to negotiate on behalf of the Participating Institutes of the CMS Collaboration a contract, without competitive tendering, for the procurement of 200 scintillator sheets for the Outer Barrel of the CMS Hadron Detector from BICRON (USA) for a total cost of 285 000 US dollars, not subject to revision. At the present rate of exchange, this amount is e quivalent to approximately 439 000 Swiss francs.
This document concerns the award of a contract for the supply of 2522 austenitic steel shells for the cold masses of the LHC superconducting dipole magnets. Following a market survey carried out among 158 firms in nineteen Member States and seven firms in Japan, a call for tenders (IT-2468/LHC/LHC) was sent on 16 August 1999 to eight firms and one consortium consisting of two firms, in six Member States. By the closing date, CERN had received five tenders. The Finance Committee is invited to agree to the negotiation of a contract with the consortium ICARUS (BE) / BUTTING (DE), the lowest bidder, for the supply of 2522 austenitic steel shells for the cold masses of the LHC superconducting dipole magnets for a total amount of 18 723 773 euros (29 962 831 Swiss francs), subject to revision for contractual deliveries after 31 December 2001, with an option for the supply of up to 126 additional austenitic steel shells, for a total amount of 935 446 euros (1 496 953 Swiss francs), subject to revision for contractua...
The revival of China's interest in Africa is often highlighted as being an opportunity to provide African governments with a choice between development partners that may strengthen negotiation leverage and thereby carve out policy space to define and implement policies that affect social...... and economic development. This article critically reviews the most recent developments in Chinese and Organisation for Economic Cooperation and Development (OECD) approaches to development finance to Africa. It argues that although we can detect a number of incidents that point towards more policy space...... for African governments, the revival of China's development finance does not fundamentally alter the power relations between African countries and their financiers, as the tendency now is towards convergence and cooperation between China and Development Assistance Committee (DAC) donors—not divergence...
Full Text Available The aim of this study is to analyze causality between budget deficits and its ratio to gross domestic product and interest rate in the Turkish economy during years between 2006 and 2011. By doing so, we investigate the validity of crowding out view against the Ricardian equivalence hypothesis. To this end, we employee the conventional Toda-Yamamoto (1995 linear Granger type causality test and Hacker and Hatemi-J (2005, 2006 bootstrap process-based Toda-Yamamoto linear Granger type causality test. In this regard, we use Kwiatkowski, Phillips, Schmidt and Shin (1992, KPSS and Elliot, Rothenberg, Stock (1996, DF-GLS unit root tests. Analysis results show that there is no causal relation between budget deficits, budget deficit ratio to gross domestic product and nominal interest rate. Results reveal the existence of Ricardian equivalence hypothesis. Rational household predict that there is no difference between payment time of taxes and they know that expansionary fiscal policies financed by loan do not affect aggregate demand and capital allocation in a full-employment economy via nominal interest rate channel. Results of empirical analysis support Ricardian equivalence hypothesis and imply that there is no effect of financing type of budget deficit on nominal interest rate.
Kovalenko Svitlana O.
Full Text Available The article is aimed at determining the major problems in the financing of education sphere in the current context of the reform of decentralization of power in Ukraine and developing directions for solving them. The main directions and results of educational reform have been analyzed, and the ranking of Ukraine according to the Global Competitiveness Index has been defined. The positive points of the decentralization of education have been noted. The expenditure of the budget of Ukraine have been analyzed and the proportion of expenditure on education has been determined as to the total budget expenditure. Along with this, the main circle of problems of the budget provision for the education sector has been outlined. It has been proposed: to increase the efficiency of allocation of budgetary means at all levels of the budget system; to enhance the possibilities of educational institutions to attract additional financial resources through educational innovation, and to expand the list of paid services provided by such institutions; to decentralize education, taking into account the characteristics of development of regions, their productive potential, the demographic situation, and the interests of the territorial communities.
Tatiana Anatol’evna Naidenova
Full Text Available The main tools of sustainable development of the country as a whole and its individual regions are federal and regional budgets. At the same time a prerequisite for the use of this tool is its equilibrium. It is the basic principle of a responsible fiscal policy. The article describes the factors to equilibrium. on the budgets of the northern regions of the Russian Federation. The measures to ensure budgetary equilibrium in the northern regions of the Russian Federation are offered.The purpose of the article. Substantiating the measures to balance the budgets of the northern Russian Federation subjects on the basis of analysis of the factors that directly affect the mobilization of potential tax revenues to regional budgets.Method and methodology of work. Theoretical and empirical methods, analysis, synthesis, induction, deduction.Results of the study. To ensure factors unbalanced budgets northern territories. The proposals the balance of revenues and expenditures of the regional budgets of the northern regions of the Russian Federation are submitted.Application area. Finance authorities of subjects of the Russian Federation.
Full Text Available Resolved in 2015 the act on metropolitan unions was meant to be a legal instrument with complex character. It included regulations concerning constitution and tasks of the unions and basics of budget management, as well the budgetary procedures. They are not exhaustive regulations and some of them may be even regarded as needless from point of view of correct legislative standards. However, for the metropolitan unions budgeting issues, the regulations have no comprehensive nature and basically they are only an outline of the financial status concept, including budgetary one, of these entities. The metropolitan union's financial law and budgeting position must be therefore shaped using regulations taken from separate laws, especially, the law on public finances and the law on regional accounting chambers.
... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Finance charge. 226.4 Section 226.4 Banks and... LENDING (REGULATION Z) General § 226.4 Finance charge. (a) Definition. The finance charge is the cost of...) Charges by third parties. The finance charge includes fees and amounts charged by someone other than the...
King, Elizabeth; Patrinos, Harry; Rogers, Halsey
The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing…
Vezure Oana Sabina
Full Text Available The difficulties faced by local authorities as a result of the austerity conditions in which they work, the elements inherited from the previous regime, the need for additional resources to optimize public finance to meet the needs, optimally, if possible, citizens, require the design and continue the reform of public finances at the local level that correspond to these requirements. Optimization of the reform process in local public finances depend to a great extent on the use of financial levers of fiscal efficiency, fulfilment of the functions of public finance, the way resources are provided and how their administration for economic and social development. The uneven development of economic weakness of the assembly reflect and are unacceptable because, in their turn, become a source of economic and political instability. Responsibility for ensuring sufficient local revenue must not belong to a large measure, the central authorities, the context in which local authorities should prioritize finding solutions to supplement the local budget and obtain funds from the central budget. At the same time, cannot be intended directions of reform in the field of public administration without taking into account the financial implications reflected in the budgets for each level of Government, pyramid-shaped, from central to local level.
Xiao, Guoqing; Cai, Xiaohong; Ding, Dajun; Ma, Xinwen; Zhao, Yongtao
ChairVice Chair Toshiyuki AzumaRoberto Rivarola Atomic, Molecular & Optical Physics LabUniversidad Nacional de Rosario and Advanced Science InstituteInstituto de Fisica Rosario RIKEN, JapanRosario, Argentina SecretaryMembers Dominique VernhetJoachim Burgdörfer, Austria Institut des NanoSciences de Paris Birgit Lohmann, Australia Université Pierre et Marie Curie Hossein Sadeghpour, USA Paris, FranceThomas Stöhlker, Germany Past ChairJim McCann, UK Barry DunningGuoqing Xiao, China Physics & AstronomyXiaohong Cai, China Rice University, HoustonXinwen Ma, China Texas, USAYongtao Zhao, China TreasurerFernando Martin, Spain Henrik CederquistLuis Mendez, Spain Alba Nova University CenterAnatoli Kheifets, Australia Stockholm University Stockholm, Sweden Details of the general committee are available in the PDF
Lee, Sangkeun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Shankar, Mallikarjun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zeng, Claire [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hendrickson, Stephen [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)
The Office of Energy Policy and Systems Analysis s finance team (EPSA-50) requires a suite of automated applications that can extract specific data from a flexible data warehouse (where datasets characterizing energy-related finance, economics and markets are maintained and integrated), perform relevant operations and creatively visualize them to provide a better understanding of what policy options affect various operators/sectors of the electricity system. In addition, the underlying data warehouse should be structured in the most effective and efficient way so that it can become increasingly valuable over time. This report describes the Energy Finance Data Warehouse (EFDW) framework that has been developed to accomplish the defined requirement above. We also specifically dive into the Sankey generator use-case scenario to explain the components of the EFDW framework and their roles. An excel-based data warehouse was used in the creation of the energy finance Sankey diagram and other detailed data finance visualizations to support energy policy analysis. The framework also captures the methodology, calculations and estimations analysts used for the calculation as well as relevant sources so newer analysts can build on work done previously.
Lăpăduşi Mihaela Loredana
Full Text Available The material is intended to be an easy to read one, structured in a way to be a theoreticalframework concerning the importance, necessity and usage of multi-annual budgets inRomania. The article puts particular emphasis on explaining the terminology specific to thedomain regarding multi-annual budgeting, on principles and less on methodology, whichonce learned and applied, can lead to the improvement of the financing mechanismsthrough multi-annual budgets. Without constituting a monograph of the legislation in force,the article refers also to the legal regulation that will be applied. In Romania budgets arevoted on annually, and this short time horizon has often been criticized that it wouldadversely affect the efficient management of expenditures. Decisions on resource allocationare taken without an overall vision, ignoring the implications of past decisions or set on atime horizon longer than one year. Most European countries have implemented in one formor another, multi-annual budgets, to counter the disadvantages of annual budgets. For themost part, universities that will apply multi-annual budgets will build a direct relationshiprelated to expectations regarding the evolution of the activity, not with the objectives set bythe university. In the case in which the expectations regarding the evolution of theuniversity are not expressed in clearly stated objectives, and are not employed indeveloping budgets, the answers received by performing an efficiency analysis of theuniversity, from the verification analysis of the projected and budgeted amounts, are verysimple and do not give added value to the budget process.
Yoder, Jay A.
This publication is part of an AGB series devoted to strengthening the role of key standing committees of governing boards. While there is no optimum committee system for institutions of higher education, certain principles, practices, and procedures prevail. The best practices included in this text support the objectives of board committees:…
Egan, M C; Kaufman, M
Budget deficits and inflationary medical care costs threaten nutrition services, which until recently have been funded largely by federal, state, and local revenues. Nutritionists and dietitians responding to demands in the marketplace should develop innovative programs and pursue new sources for financing through the private sector, third-party payers, business/industry health promotion, and consumer fees for their services, as well as targeted federal, state, and locally funded food assistance, nutrition education, and health care programs. Trail-blazing dietitians are successfully offering their services in health maintenance organizations (HMOs), hospital or industry fitness programs, private practice, voluntary health agencies, and official agency programs. With the new federalism, nutritionists must articulate their role in comprehensive health care and market their services at the state and local levels in addition to the federal level. Nutrition services are defined to include assessment, planning, counseling, education, and referral to supportive agencies. Data management, managerial, and marketing skills must be developed for dietitians to compete effectively. Basic educational preparation and continuing education for practicing professionals must develop these competencies.
Remme, Michelle; Vassall, Anna; Lutz, Brian; Luna, Jorge; Watts, Charlotte
Structural interventions can reduce HIV vulnerability. However, HIV-specific budgeting, based on HIV-specific outcomes alone, could lead to the undervaluation of investments in such interventions and suboptimal resource allocation. We investigate this hypothesis by examining the consequences of alternative financing approaches. We compare three approaches for deciding whether to finance a structural intervention to keep adolescent girls in school in Malawi. In the first, HIV and non-HIV budget holders participate in a cross-sectoral cost-benefit analysis and fund the intervention if the benefits outweigh the costs. In the second silo approach, each budget holder considers the cost-effectiveness of the intervention in terms of their own objectives and funds the intervention on the basis of their sector-specific thresholds of what is cost-effective or not. In the third cofinancing approach, budget holders use cost-effectiveness analysis to determine how much they would be willing to contribute towards the intervention, provided that other sectors are willing to pay for the remaining costs. In addition, we explore approaches for determining the HIV share in the cofinancing scenario. We find that efficient structural interventions may be less likely to be prioritized, financed and taken to scale where sectors evaluate their options in isolation. A cofinancing approach minimizes welfare loss and could be incorporated in a sector budgeting perspective. Structural interventions may be underimplemented and their cross-sectoral benefits foregone. Cofinancing provides an opportunity for multiple HIV, health and development objectives to be achieved simultaneously, but will require effective cross-sectoral coordination mechanisms for planning, implementation and financing.
Viktor V. Kovelskiy
Full Text Available The main problem of financing higher education institutions is the lack of public funds allocated from the budget. At this stage of the development of budgetary financing for universities, we see a gradual finance withdrawals happening on the basis of estimates, and the transition to “efficient” financing. Such financing has its supporters and opponents. The main argument “for” performance-oriented budgeting is that this method of obtaining funds stimulates more rational use of them. The arguments “against” such financing are also important: such budgeting leads to “work for the indicator” without a significant impact to the internal forces of the university, and the indicators on the basis of which the university finances, in no way make it possible to assess the real quality of the work. For example, the indicator of the number of trained specialists does not reflect the real quality of education in the university. Immediate results of the activities of higher education institutions are the provision of educational or other services of a certain quality or volume. There are several mechanisms that allow to evaluate the effectiveness of the university’s activities used abroad. The authors of this article propose to evaluate the effectiveness of the university in the context of several areas of its activities: education, innovation and scientific research. On the basis of received indicators the higher education institutions will be distributed by “groups”, on which the final amount of funding depends. Such system of financing and the developed formulas for calculation of financial assets volumes are approbated on the example of the Samara National Research University, that allowed to identify the advantages and disadvantages of the presented calculation method.
UNEP’s Adaptation Gap Report series focuses on Finance, Technology and Knowledge gaps in climate change adaptation. It compliments the Emissions Gap Report series, and explores the implications of failing to close the emissions gap. The report builds on a 2014 assessment by the United Nations...... Environment Programme (UNEP), which laid out the concept of ‘adaptation gaps’ and outlined three such gaps: technology, finance and knowledge. The 2016 Adaptation Gap Report assesses the difference between the financial costs of adapting to climate change in developing countries and the amount of money...... actually available to meet these costs – a difference known as the “adaptation finance gap”. Like the 2014 report, the 2016 report focuses on developing countries, where adaptation capacity is often the lowest and needs the highest, and concentrates on the period up to 2050. The report identifies trends...
Full Text Available The reasons for dealing with the chosen topic can be found in the fact that there is a certain number of anomalies, system errors and conduct leaving the frames of rational behaviour, not being included and presented synthetically within a concise scientific work. Instead, the analysis deals with definite, already identified postulates of behavioural economics and finance. During the research, induction, deduction, comparative and abstraction methods are used. The challenge of the research lies in the identification of those system errors, partialities and behaviours deviating from postulates of rational, typical for classical finance, not being covered by standard behavioural, economic and finance literature. However, the challenge is even bigger because of the fact that it deals with answers to demands of universality and conciseness. Its greatest importance is reflected in the extent of identified and processed anomalies decision makers face, as well as in the identification and description of factors implying absence of rationality during the decision making process.
Full Text Available Micro-finance appears today as the most promising tool in the struggle against poverty and banking exclusion. By providing micro-credit, collecting saving and supplying microinsurance, microfinance institutions (MFIs are renewing the banking activity by practices as innovative as the group lending method. However, the real impacts of the microfinance on target populations are to be confirmed, theirevaluation colliding with numerous difficulties. Nevertheless, the future development of micro-finance depends on its superiority over other tools in achieving its objectives. Hence, the need to develop more rigorous studies on the impacts, and mature reflection on sources of funding for MFIs in a context of growing of ethical finance and socially responsible investment.
National Telecommunications and Information Administration Authorization. Hearing before the Subcommittee on Telecommunications, Consumer Protection, and Finance of the Committee on Energy and Commerce. House of Representatives, Ninety-Eighth Congress, Second Session on HR 5497, a Bill to Authorize Appropriations for the National Telecommunications and Information Administration for Fiscal Years of 1985 and 1986.
Congress of the U.S., Washington, DC. House Committee on Energy and Commerce.
This report on a hearing on legislation to authorize an increased appropriation for the National Telecommunications and Information Administration (NTIA) for fiscal years 1985 and 1986 contains an introductory statement by Timothy E. Wirth, Chairman of the Subcommittee on Telecommunications, Consumer Protection, and Finance; the text of the bill;…
Abstract. This paper presents the detailed turbulent kinetic energy budget and higher order statistics of flow behind a surface-mounted rib with and without superimposed acoustic excitation. Pattern recognition technique is used to determine the large-scale structure magnitude. It is observed that most of the turbulence ...
The marginal involvement of the EU in redistributive policies and its limited fiscal resources have led to a lack of attention to the EU budget and its determinants. In this paper I analyse an original dataset containing yearly data on the main macrocategories of expenditure and how they have...
Rushing, Douglas A.; Blakeley, Chris; Chapman, Gerry; Robertson, Bill; Horton, Allison; Besser, Thomas; McCarthy, Debbie
The Integrated Budget Office Toolbox (IBOT) combines budgeting, resource allocation, organizational funding, and reporting features in an automated, integrated tool that provides data from a single source for Johnson Space Center (JSC) personnel. Using a common interface, concurrent users can utilize the data without compromising its integrity. IBOT tracks planning changes and updates throughout the year using both phasing and POP-related (program-operating-plan-related) budget information for the current year, and up to six years out. Separating lump-sum funds received from HQ (Headquarters) into separate labor, travel, procurement, Center G&A (general & administrative), and servicepool categories, IBOT creates a script that significantly reduces manual input time. IBOT also manages the movement of travel and procurement funds down to the organizational level and, using its integrated funds management feature, helps better track funding at lower levels. Third-party software is used to create integrated reports in IBOT that can be generated for plans, actuals, funds received, and other combinations of data that are currently maintained in the centralized format. Based on Microsoft SQL, IBOT incorporates generic budget processes, is transportable, and is economical to deploy and support.
The zero-based budgeting approach is designed to achieve the greatest benefit with the fewest undesirable consequences. Seven basic steps make up the zero-based decision-making process: (1) identifying program goals, (2) classifying goals, (3) identifying resources, (4) reviewing consequences, (5) developing decision packages, (6) implementing a…
There are many articles about space management, including those that discuss space calculations, metrics, and categories. Fewer articles discuss the space budgeting processes used by administrators to allocate space. The author attempts to fill this void by discussing her administrative experiences with Middle Tennessee State University's (MTSU)…
Compton, Clark W.
Designed to assist established businesspeople with the development of a loan proposal, this workbook offers information on sources of financing and step-by-step guidance on applying for a loan. After chapter I discusses borrowers' and lenders' attitudes towards money, chapter II offers suggestions for determining financial needs. Chapter III lists…
To the extent that zero base budgeting plans, executes and controls, it serves as a management tool. Nigeria's budgeting has been incremental, overly politicized and not carried out by experts, but merely based on benchmark price and quota of daily oil production. Factors militating against proper budgeting in Nigeria are ...
... RECORDS ADMINISTRATION Advisory Committee on Presidential Library-Foundation Partnerships. AGENCY... Library-Foundation Partnerships. In accordance with Office of Management and Budget (OMB) Circular A-135, OMB approved the inclusion of the Advisory Committee on Presidential Library-Foundation Partnerships...
... RECORDS ADMINISTRATION Advisory Committee on the Presidential Library-Foundation Partnerships AGENCY... Administration (NARA) announces a meeting of the Advisory Committee on Presidential Library-Foundation Partnerships. The meeting will be held to discuss the National Archives and Records Administration's budget and...
Millinship, Ian; Revilla-Romero, Beatriz
Developing countries across Latin America, Africa, and Asia are some of the most exposed to natural catastrophes in the world. Over the last 20 years, Asia has borne almost half the estimated global economic cost of natural disasters - around 53billion annually. Losses from natural disasters can damage growth and hamper economic development and unlike in developed countries where risk is reallocated through re/insurance, typically these countries rely on budget reallocations and donor assistance in order to attempt to meet financing needs. There is currently an active international dialogue on the need to increase access to disaster risk financing solutions in Asia. The World Bank-GFDRR Disaster Risk Financing and Insurance Program with financial support from the Rockefeller Foundation, is currently working to develop regional options for disaster risk financing for developing countries in Asia. The first stage of this process has been to evaluate available catastrophe data suitable to support the design and implementation of disaster risk financing mechanisms in selected Asian countries. This project was carried out by a consortium of JBA Risk Management, JBA Consulting, ImageCat and Cat Risk Intelligence. The project focuses on investigating potential data sources for fourteen selected countries in Asia, for flood, tropical cyclone, earthquake and drought perils. The project was carried out under four stages. The first phase focused to identify and catalogue live/dynamic hazard data sources such as hazard gauging networks, or earth observations datasets which could be used to inform a parametric trigger. Live data sources were identified that provide credibility, transparency, independence, frequent reporting, consistency and stability. Data were catalogued at regional level, and prioritised at local level for five countries: Bangladesh, Indonesia, Pakistan, Sri Lanka and Viet Nam. The second phase was to identify, catalogue and evaluate catastrophe risk models
The Congressional Justification is prepared when the President submits an annual budget to Congress, to justify the President's request by explaining NCI's mission, objectives for the coming fiscal year, and providing comparative budget data and analysis.
Miller, Leann R.
This guide, describing community involvement through citizen advisory committees, is a summary of the literature on such committees. Its main concern is district committees created by school boards. Citations in the bibliography contain all points of view on committees and present many alternatives on most of the topics covered in the guide.…
Participation by US firms in the development of Clean Coal. Technology (CCT) projects in foreign countries will help the United States achieve multiple national objectives simultaneously--addressing critical goals related to energy, environmental technology, industrial competitiveness and international trade. US participation in these projects will result in an improved global environment, an improvement in the balance of payments and an increase in US jobs. Meanwhile, host countries will benefit from the development of economically- and environmentally-sound power facilities. The Clean Air Act Amendments of 1990 (Public Law 101-549, Section 409) as supplemented by a requirement in the Energy Policy Act of 1992 (Public Law 102-486, Section 1331(f)) requires that the Secretary of Energy, acting through the Trade Promotion Coordinating Committee Subgroup on Clean Coal Technologies, submit a report to Congress with information on the status of recommendations made in the US Department of Energy, Clean Coal Technology Export Programs, Report to the United States Congress, February 1992. Specific emphasis is placed on the adequacy of financial assistance for export of CCTS. This report fulfills the requirements of the Act. In addition, although this report focuses on CCT power projects, the issues it raises about the financing of these projects are also relevant to other CCT projects such as industrial applications or coal preparation, as well as to a much broader range of energy and environmental technology projects worldwide.
Adams, J E
School finance reform is usually done piecemeal, with many changes made to an existing framework over a period of decades. Also, finance reform is generally carried out separately from reform of school programs or governance. A notable exception is Kentucky which, in response to a 1989 state supreme court ruling, created an entirely new elementary and secondary education system with new finance and governance mechanisms and new academic expectations and accountability mechanisms. This article summarizes the major elements of the Kentucky Education Reform Act (KERA) and research on its impact. Revenues increased, funding differences between districts shrank, but basic allocations (percentage spent on instruction, facilities, and so on) changed little. A new Office of Education Accountability, reporting to the legislature, tracks incentives and sanctions for schools that progress or regress against their baseline performance. School site councils (SSCs) are in operation, with authority to hire the principal and to make decisions about curriculum, instruction, and the school budget. Major instructional changes were implemented in the early elementary grades, and model restructured high schools are being studied. Significant supplemental services (both academic and social) have been added. Overall, much progress has been made in putting new structures in place, though changes in practice evolve more slowly. The article identifies barriers to change and concludes that KERA's strategy is promising, but more focus should be placed on school-level uses of education dollars. SSCs have authority, but they should also be offered substantial guidance regarding which practices will most reliably promote learning.
Full Text Available The FARC (Fuerzas Armadas Revolucionarias de Colombia or Revolutionary Armed Forces of Colombia transformed from a traditional guerrilla group into a full-fledged insurgency because of its ability to effectively convert the proceeds derived from illegal narcotic trafficking into operational funds. Those financial capabilities allowed the FARC to challenge government authority in large swathes of the Colombian state. The FARC moved into the drug trade, initially controlling production territory and subsequently engaging in trafficking, which allowed the organization to increase its war-fighting capabilities. This paper only scratches the surface of the mechanism by which the FARC utilized its coca revenue in order to fund its community reinvestment programs, engage in large scale military buildup, and buy political support throughout the region. The exploration of the financial side of the FARC adds to our understanding of how insurgencies become successful. Based on open source information, Threat Finance and financial investigative techniques are underutilized in foreign policy, law enforcement, and intelligence. The critical role played by financing in the rise of the FARC suggests that Threat Finance efforts can be most effective when used to track terrorist and criminal networks. American law enforcement and intelligence agencies should be given bigger budgets and tasked earlier to shut down or disrupt financial networks of foreign insurgencies, such as the FARC.
Full Text Available The aim of this paper is to highlight the important issues of the budget deficit and public debt and their impact on economic growth. This paper considers the twin deficit hypothesis, which argues that there is a strong correlation between the current account deficit for an economy and government budget deficits. In the last ten years, Serbia is faced with a situation of simultaneous fiscal deficit and current account deficit. However, the growth of gross domestic product and the maturity of the debt obligation indicate that the debt burden increases, the weak development of the economy and the debt, and the power of the state and threatened to open debt crisis, the emergence of foreign insolvency. To explore the effects of budget deficits and public debt in macroeconomic relations and aggregates applied the methods of descriptive statistics, and used the official data of the relevant national and international institutions. The main results of the analysis indicate a crisis of public finances, which are accumulated for many years, with a growing budget deficit and the dominant external financing of the budget deficit.
Full Text Available Concern for adequate funding, both at birth and consolidation of the cooperative enterprise, has been, is and will be a constant concern in the cooperative world. So, have emerged in the legal field, a number of financial instruments of various kinds: as equity securities or special interests that seek to cover traditional financing gaps.
As school quality improves, does the housing market reflect buyers' perception of that change? In 1993, Texas implemented Senate Bill 7 (S.B. 7), commonly known as the Robin Hood financing of local schools, wherein some of the property tax revenues from wealthy school districts are redistributed to less wealthy districts. Data from Dallas County…
This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the
G. Baltussen (Guido)
textabstractThis thesis applies insights from psychology and other behavioral sciences to overcome the shortcomings of the traditional finance approach (which assumes that agents and markets are rational) and improves our understanding of financial markets and its participants. More specific, this
Genet, N.; Gulácsi, L.; Boerma, W.; Hutchinson, A.; Garms-Homolova, V.; Naiditch, M.
Introduction: Financial incentives are widely used to get better value for money. Incentives can be applied to authorities responsible for home care, or to agencies that provide services or to clients who receive care. Details of the financing system of home care services very much determine the
Guiso, Luigi; Sodini, Paolo
Household finance - the normative and positive study of how households use financial markets to achieve their objectives - has gained a lot of attention over the past decade and has become a field with its own identity, style and agenda. In this chapter we review its evolution and most recent developments.
Drs. Ewoud Jansen
Most Corporate Finance textbooks are 1,000 pages in length or more. And indeed, it is a multifaceted discipline that requires detailed coverage of many ideas and principles. However, the basics can be outlined in a much more condensed manner and there aren’t many books out there that cater to the
Moritz, Alexandra; Block, Joern; Heinz, Andreas
This EIF Working Paper takes a holistic approach to investigate SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally-financed SMEs....
Full Text Available The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a government institution, were taken over by the banks; the financial operations of budgetary spending agencies were channelled via the Single Account of the Treasury; and government deposits were gradually transferred from numerous commercial banks to the Single Account of the Treasury in the Croatian National Bank and the state-owned Croatian Postal Bank. Unfortunately, however, the Ministry of Finance, in collaboration with the Croatian National Bank, still carries out no operation of cash and liquidity management within the government Treasury system, nor does it operate on the money market with its surplus budgetary resources. Because of this state of affairs, management of the cash and liquidity of the central government budget is within the purview of the commercial banks.
Fahy, Colleen A.
In Massachusetts, state aid to public schools fills the gap between a district's foundation budget and its required local contribution. Historic inequities in required local contributions and the resulting inequities in state aid across districts led to a call for education finance reform. Since 2007, the state has put in place a number of…
... established to advise the Federal Geographic Data Committee on management of Federal geospatial programs, the development of the National Spatial Data Infrastructure, and the implementation of Office of Management and Budget (OMB) Circular A-16. Topics to be addressed at the meeting include: Leadership Dialogue Geospatial...
according to Army officials, the Army uses three to five years of sample test data from ground vehicles and equipment, fuel efficiency rates in...the department felt strongly that fuel pricing should be developed in a consistent manner for each budget cycle that is based on information...BULK FUEL Actions Needed to Improve DOD’s Fuel Consumption Budget Data Report to Congressional Committees
E. B. Krylova
Full Text Available The article presents the methodological approaches to the planning of budget expenditures for the provision of services in the field of general education. The review of existing methods of budget planning of budget expenditures, including regulatory and program-target method of budget planning in the field of general education expenses. The article is focused on the practical use of budget planning methods, evaluated the positive and negative consequences of their use.The aim of the article is to solve scientific and practical task of improving the efficiency of budget spending on general education.Results. The authors found that the conditions necessary to optimize budget spending for social purposes to the preferred state is encouraging recipients of budget funds to a more economical and efficient use of them.Conclusions and Relevance. The study conclusions are made about the need to clarify the methodology of planning of budget expenditures in the field of general education, which allows for improving the quality of educational services and contributes to solving the problem of the adequacy of the level of budgetary financing of the general education sector.
A budget impact analysis (BIA) is used to assess whether the adoption of a new health technology is affordable, given the resource and budget constraints of the context. Increasingly, BIAs are coming to be viewed as an important-if not essential-part of health technology assessment (HTA). BIA data is often examined in conjunction with cost-effectiveness analysis (CEA) data to help inform decisions makers when developing reimbursement policies within the resource constraints of their health care system. This article presents a review of existing BIA guidelines from around the world and makes some initial recommendations for the development of Thai BIA guidelines, as part of the newly-developed Economic Evaluation guidelines for Thailand. Initial recommendations include guidelines on appropriate analytic framework design, study design, perspective, scenarios for comparison, target population, costing and resource use, uncertainty analysis, and discounting.
T. Wang (Teng)
markdownabstract__Abstract__ This dissertation bundles three empirical studies in the area of corporate finance and banking. These studies investigate corporates’ financing activity with a special focus on the interaction between the banking industry and corporate borrowers. By showing how
Shiller, Robert J
.... Finance literature in this decade and after suggests a more nuanced view of the value of the efficient markets theory, and, starting in the 1990s, a blossoming of research on behavioral finance...
The Water Infrastructure and Resiliency Finance Center serves as a resource to communities to improve their wastewater, drinking water and stormwater systems, particularly through innovative financing and increased resiliency to climate change.
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Luiz Henrique Herling
Full Text Available This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today, contextualizing how financial management is organized within the science of Directors in historical and evolutionary terms . Based on the decisions of the financial manager of investment , financing and operations , the study seeks to show that the philosophical basis that supports the theories developed . Yet for better understanding separates financial management in personal finance , financial markets and corporate finance , the latter being the main focus of the study . In the literature we can divide and stratify studies in corporate finance for a better understanding . By analyzing under an evolutionary approach notes a growing chains in other studies in finance , such as public finance, behavioral finance and here called green finance.
Hirth, Stefan; Uhrig-Homburg, Marliese
This paper analyzes the investment timing of firms facing two dimensions of financing constraints: Liquidity constraints and capital market frictions inducing financing costs. We show that liquidity constraints are not sufficient to explain voluntary investment delay. However, when additionally...
Hasegawa, A.; Shirai, T.; Nakagawa, M.; Osugi, T.; Ikeda, Y.; Ishida, T.; Shimazaki, J. [Japan Atomic Energy Research Inst., Tokai, Ibaraki (Japan). Tokai Research Establishment
The department of Nuclear Energy System serves as a secretarial of the following four research committees organized by JAERI; Japanese Nuclear Data Committee, Atomic and Molecular Data Research Committee, Research Committee on Reactor Physics and Research Committee on Marine Reactors. The purpose and the expected task of each committee are summarized here. The detailed activities of each committee are presented in this paper. (author)
Orietta Zaniolo; Viola Sacchi; Lorenzo Pradelli
Introduction: to evaluate the impact on the Italian National Health Service (NHS) budget of the recent introduction of the DPP-4 inhibitor vildagliptin in combination treatment for NIDDM patients. Methods: NIDDM patients eligible to vildagliptin treatment were identified and quantified based on approved indications and prevalence data review; adequate alternative strategies were identified; direct medical costs associated with competing strategies were calculated according to national practic...
VIJAYA KRUSHNA VARMA
In the present economic system the budget preparation is massive, multi staged, time consuming and laborious process. There are thousands of different high or very low valued goods or services to be segregated into different groups and taxed by both Centre and States with different taxes at three or more slab rates and, as if these are not enough, there are additional surcharges or cesses on selected goods. These tax structures and slab rates on different goods keep changing every year. With ...
Bobby Yulandika Putra
Full Text Available Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012. During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK. This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty
This work seeks to present alternatives to the existing murabahah-, salam-, istisnā-, ijarah-, musharakah- and diminishing musharakah-based financing instruments for financing by Islamic banks in the various sectors of the economy. The proposals made here have the distinguishing features that the financing structures are free from wad (promise), and involve less complicated contractual arrangements. The study also spells out a strategy for designing of Shari’ah-based financing instruments for...
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.
Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.
Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by…
Holman, Lance S.
Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…
Hommes, C.H.; Wagener, F.O.O.
Financiële instrumenten maken de spreiding van financiële risico’s mogelijk, en daardoor welvaartswinsten. Op markten met begrensd rationele agenten schuilt in financiële vernieu- wing echter ook een gevaar: effecten van kuddegedrag worden versterkt, wat uiteindelijk tot instabiliteit en grote
The study was on cooperative societies financing of agricultural enterprises in Mbaise Area of Imo State, Nigeria. The objectives includes, identification of sources of finance for the cooperative societies and types of agricultural enterprises financed, profitability of the enterprises and the members or loan beneficiaries ...
Turner, Anne M.
Most librarians achieve the exalted ranks of management by knowing a good deal about how to deliver library services, manage library workers, and get along with library boards. Many often don't know the arcane details of managing money. Librarians can make budgets and complete the fiscal year without overspending, but as to the details of…
Deze publicatie van het Amsterdam Center for Corporate Finance in haar discussiereeks ‘Topics in Corporate Finance’ gaat over de financiële crisis. Dat het financiële systeem het afgelopen jaar enige schrammetjes heeft opgelopen is een understatement. Het financiële stelsel staat onder druk. Grote
CARDOS ILDIKO REKA
Full Text Available Budgets are an important part of the business environment since 1920 and are considered to be the key drivers and evaluators of managerial performance; and the key elements for planning and control. Budgets are the most powerful tool for management control; they can play an essential role in the organization’s power politics because it can increase the power and authority of top management and limit the autonomy of lower-level managers. Besides its advantages traditional budgeting presents disadvantages also. In recent years criticism towards traditional budgeting has increased. The basis of this criticism is that traditional budgeting is a relic of the past; it prevents reactions to changes in the market, it cannot keep up with the changes and requirements of today’s business world and it isn’t useful for business management. In order to eliminate criticism researchers and practitioners have developed more systematic and alternative concepts of budgeting that suits better for the needs of the modern business environment. Beyond budgeting, better budgeting, rolling forecasts, activity-based budgeting are the main alternatives developed in the last years. From the mentioned alternatives this article examines only beyond budgeting. Our paper discusses how budgeting has evolved into its current state, before examining why this universal technique has come under such heavy criticism of late. The paper is a literature analysis, it contributes to the existing managerial accounting literature and it is structured as follows. In the first part the background and evolution of budgeting is presented, followed by the analysis of related theories in traditional budgeting, emphasizing both the advantages and disadvantages of traditional budgeting. The second part of the paper continues with the discussion about alternative budgeting methods highlighting pros and cons of alternative methods, especially beyond budgeting. In the third part conducted
Full Text Available Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.
Meuwissen, Miranda P. M.; Karmana, Maman H.; Oude Lansink, Alfons G. J. M.
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types. PMID:28877174
Wulandari, Eliana; Meuwissen, Miranda P M; Karmana, Maman H; Oude Lansink, Alfons G J M
Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.
Ludkovski, Michael; Sircar, Ronnie
This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of ...
Original: English These meetings were devoted to the main topics summarised below. 1-Follow-up of the meetings of TREF in October and the Finance Committee in November, and preparation for the Committee meetings in December The Chairman reported that the Management's proposals to adjust, on 1 January 2004, the salaries by 1.1%, on the basis of the calculated salary index, and the pensions by 0.7%, corresponding to the Geneva cost-of-living index, had received the support of TREF and would now be proposed by the Finance Committee for approval by Council in December. TREF had taken note of a factual status report regarding the first phase of recruitment of Local Staff and looked forward to a final report on overall implementation in June next year. TREF also gave its support to the Management's proposed modification to the Progressive Retirement Programme. Subject to some amendments and clarifications made at TREF and at the SCC, this proposal will be submitted for approval at the Finance Committee and Counci...
Montero Torralbo, Miquel; Kohatsu-Higa, Arturo
In this article, we give a brief informal introduction to Malliavin Calculus for newcomers. We apply these ideas to the simulation of Greeks in Finance. First to European-type options where formulas can be computed explicitly and therefore can serve as testing ground. Later, we study the case of Asian options where close formulas are not available, and we also open the view for including more exotic derivatives. The Greeks are computed through Monte Carlo simulation.
Reiner, B; Siegel, E
The acquisition of expensive equipment such as picture archiving and communication systems (PACS) becomes increasingly difficult as capital budgets become tighter. Traditional ownership financing options in the form of direct purchase or financing (loan) have several limitations including technology obsolescence, higher fixed pricing, limited options for equipment disposal, and the need to tie up valuable capital. Alternative financing options, in the form of conventional lease and risk sharing arrangements, offer several theoretical advantages including technology obsolescence protection in the form of built-in upgrades, preservation of borrowing power, multiple end-of-term options, and payment flexibility (which can be directly tied to realized productivity and operational efficiency gains). These options are discussed, with emphasis on the acquisition of PACS.
Akca, E. Cihan
Abstract The ship finance is no more a fixed science than is any other sort of finance. Financial terms, conditions, banks and shipowners become ever more sophisticated. Because shipping is a highly capital intensive industry, with its 32,000 world- wide companies is one of the three most finance intensive industries in the world, about 80 billion dollars per year for financing new buildings alone. The financing of large ocean-going ships are undertaken by banks all over the world, by no mean...
Full Text Available Following the terrorist attacks in the USA on September 11th, 2001, it was discovered that money laundering was a significant source of finance for terrorists. Although, the amount of money that involve is not as involve as in drug and gun trafficking, terrorist financing had been the most important substance to be monitor. Further, various legal measures have been taken internationally in order to combat terrorist financing. This research analyses the legal measures that have been taken internationally and at EU level to combat terrorist financing. Key words: Money Laundering, Terrorist Financing, International Legal measures, EU.
CARDOS ILDIKO REKA; PETE STEFAN; CARDOS VASILE DANIEL
Budgets are an important part of the business environment since 1920 and are considered to be the key drivers and evaluators of managerial performance; and the key elements for planning and control. Budgets are the most powerful tool for management control; they can play an essential role in the organization’s power politics because it can increase the power and authority of top management and limit the autonomy of lower-level managers. Besides its advantages traditional budgeting presents di...
Legon, Richard D.
This publication is part of an Association of Governing Boards of Universities and Colleges (AGB) series devoted to strengthening the role of key standing committees of governing boards. While there is no optimum committee system for institutions of higher education, certain principles, practices, and procedures prevail. The best practices…
Full Text Available This article presents a study of internationalisation and the financing options of Ghanaian small and medium scale nontraditional exporters. The article also examines how the age and size of an organisation affect the choice of financing. The results show a positive association between debt financing and the age of an organisation. Over time, organisations become more acceptable investments to lenders, and consequently older organisations are more likely to obtain debt financing than their younger counterparts. With respect to size, the results again indicate that larger organisations are more likely to receive debt financing. The results also show a positive relationship between degree of internationalisation and debt financing. The results suggest that as organisations engage more in international activities, they employ more debt but use less of equity financing. This is explained by the fact that organisations involved in international business tend to be more diversified and, as such, are capable of accommodating more debt capital
The purpose of this research-based thesis was to get an idea how managers of two small resembling hotels of a specific region deal with marketing process with a limited budget. In addition, the aim of the thesis was to examine if hotel managers who were interviewed perceive marketing only in the way of ‘promotion’ rather than marketing research, marketing mix and marketing environment theories. It was also found out if hotel managers of those hotels consider marketing as a key to successful h...
The marginal involvement of the European Union (EU) in redistributive policies and its limited fiscal resources have led to a notable lack of attention by EU scholars towards the EU budget and its dynamics. Yet the nature of the budgetary data and their high usability for statistical analysis make...... them an excellent tool for studying and measuring policy change in the EU. In this article, I analyse an original dataset containing yearly data for the main categories of expenditure and how they have changed over the last three decades (1979–2013). Using time-series analysis, I find that the ability...
One of the challenges facing Clean Development Mechanism (CDM) projects today is their limited ability to secure financing for the underlying greenhouse gas emission reduction activities, particularly in the least developed countries. Among the key reasons for this is the fact that most financial intermediaries in the CDM host countries have limited or no knowledge of the CDM Modalities and Procedures. Moreover, approaches, tools and skills for CDM project appraisal are lacking or are asymmetrical to the skills in comparable institutions in developed countries. Consequently, developing country financial institutions are unable to properly evaluate the risks and rewards associated with investing or lending to developers undertaking CDM projects, and therefore have, by-and-large, refrained from financing these projects. In addition, some potential project proponents lack experience in structuring arrangements for financing a project. This Guidebook - commissioned by the UNEP Risoe Centre as part of the activities of the Capacity Development for CDM (CD4CDM) project (http://www.cd4cdm.org) - addresses these barriers by providing information aimed at both developing country financial institutions and at CDM project proponents. It should be noted that while the Guidebook was developed particularly with the CDM in mind, most sections will also be relevant for Joint Implementation (JI) project activities. For more detailed information on JI modalities and procedures please consult: http://ji.unfccc.int The purpose of this Guidebook is two-fold: 1) To guide project developers on obtaining financing for the implementation of activities eligible under the CDM; and 2) To demonstrate to developing country financial institutions typical approaches and methods for appraising the viability of CDM projects and for optimally integrating carbon revenue into overall project financing. The target audiences for the Guidebook are therefore, primarily: 1) CDM project proponents in
Full Text Available The mainstream in Finance studies recognizes the impact of tax shields on capital budgeting. This study offers some evidences regarding a bias in direct investment projects valuation in the case of taking into account of the allowance of recovery of the losses recorded in the past financial exercises from future profits as long as the classical indicators (e.g., Net Present Value are used. Also, this tax regime seems to favour the adoption of less-performer projects by lessperformer companies, as long as these projects should be otherwise rejected by a performer company.
Study - Executive Summary In 2002, new corporate governance-related guidelines were introduced in Switzerland that included recommendations on the establishment, composition, structure and processes of audit committees. This study presents new evidence on audit committee patterns and trends at Swiss listed companies, as well as on audit committee effectiveness. The results of this study are important to individuals and organizations dealing with audit committees, incl...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Practice before the Finance Board. 908.71 Section 908.71 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION... Finance Board § 908.71 Practice before the Finance Board. Practice before the Finance Board for the...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board oversight. 985.4 Section 985.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE THE OFFICE OF FINANCE § 985.4 Finance Board oversight. (a) Oversight and enforcement actions. The Finance Board shall have the same regulatory...
Kilty, G L
This article is designed to introduce the techniques used to convert traditionally maintained department budgets to baseline budgets. This entails identifying key activities, evaluating for value-added, and implementing continuous improvement opportunities. Baseline Budgeting for Continuous Improvement was created as a result of a newly named company president's request to implement zero-based budgeting. The president was frustrated with the mind-set of the organization, namely, "Next year's budget should be 10 to 15 percent more than this year's spending." Zero-based budgeting was not the answer, but combining the principles of activity-based costing and the Just-in-Time philosophy of eliminating waste and continuous improvement did provide a solution to the problem.
Allen, R.; Eckardt, S.; Jacobs, D; Kristensen, J; Lienert, I.; Schiavo-Campo, S.
This report is designed to assist the authorities develop an overall road map for reforming budget preparation. A specific focus is on the steps to be taken to introduce a medium-term framework for the central government's budget and a performance-based budget. These reforms require important preconditions to be in place, and a substantial change in the culture, incentives and behavior of ...
Lee, Sul H
This invaluable new book contains timely information about the assessment of academic library collections and the relationship of collection assessment to acquisition budgets. The rising cost of information significantly influences academic libraries'abilities to acquire the necessary materials for students and faculty, and public libraries'abilities to acquire material for their clientele. Collection Assessment and Acquisitions Budgets examines different aspects of the relationship between the assessment of academic library collections and the management of library acquisition budgets. Librar
Saeed Mohammadi; Kamran Feizi; Ali Khatami Firouz Abadi
Having an efficient budget normally has different advantages such as measuring the performance of various organizations, setting appropriate targets and promoting managers based on their achievements. However, any budgeting planning requires prediction of different cost components. There are various methods for budgeting planning such as incremental budgeting, program budgeting, zero based budgeting and performance budgeting. In this paper, we present a fuzzy goal programming to estimate oper...
With the budget process all but complete for next fiscal year, the National Science Foundation and the National Aeronautics and Space Administration observers were saying that science had not done that badly in Congress, for an election year. NSF got half the budget increase it requested, NASA two-thirds. The Space Station did well, at the expense of environmental and social programs, which are funded by Congress from the same pot of money as NASA and NSF.A House-Senate conference finished work on a $59 billion appropriations bill for the Department of Housing and Urban Development and independent agencies, including EPA, NASA, and NSF, in early August. The House and Senate then quickly passed the measure before their recess; the President is expected to sign it soon. Included in the Fiscal Year 1989 spending bill are $1,885 billion for NSF, a 9.8% increase over FY 1988, and $10.7 billion for NASA, 18.5% more than the year before.
Lebbie, Sowo A; Le Voir, Rosanna; Tom-Kargbo, Joanna; Yilla, Mohamed Drissa; Kamara, Abu Bakarr; Nam, Sara L
In 2012, the government of Sierra Leone cut the national budget allocation to the health sector. Civil society organizations planned a nationwide health budget advocacy campaign, coinciding with the 2012 general elections, to hold future leaders to account on financing for women's and children's health. As part of the campaign, Evidence for Action produced district health budget tracking scorecards. The scorecards presented Ministry of Finance data on the allocation and disbursement of health funds in each district. The data were communicated using simple, non-technical language so that citizens could understand the key messages and take action. A total of 5600 scorecards were shared at district electoral forums attended by political candidates, community members, and health activists. Since the election, the proportion of the total government budget allocated to health increased from 7.4% in 2012 to 11.2% in 2014. However, transforming politicians' commitments and pledges into implementation has been challenging, confirming that accountability is a long-term process. Copyright Â© 2016 International Federation of Gynecology and Obstetrics. Published by Elsevier Ireland Ltd. All rights reserved.
Full Text Available Romania's budgetary policy has as one of its objectives to maintain a particular level of aggregate demand in the economy through public expenditures and tax rates. The increase of the Romanian government debt in the latest period was driven mainly by engaging the debt to finance the budget deficit, refinancing of the public debt, enhancing the financial reserve in currency etc. For an economy that seeks to be in a permanent rise, it becomes appropriate a well-founded budget policy that will take into account the concrete circumstances of the economic and social life, needs of the present and the imperatives of the future. It may prove beneficial to progress, but if they are not mattered or disregarded it can brake the growth, can lead to social tensions and involution.
..., Finance Board, Office of Finance, United States and Federal Reserve Banks; rights of any Person against Banks, Finance Board, Office of Finance, United States and Federal Reserve Banks. 987.2 Section 987.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED...
As a teacher in the Milwaukee Public Schools (MPS) for the past 16 years, the author has grown used to dismal budget cut news arriving each February. Although cuts are always frustrating and their results burdensome, the school has been able to "hang on" reasonably well. This year, however, the budget cuts were extreme. In this article,…
Original : English This meeting was devoted to follow-up from the Committee meetings in November and to the other main topics summarised below. 1. Follow-up from the meetings of the Finance Committee and TREF in November and preparation for the Committee meetings in December 2002 The SCC took note that the Finance Committee, held on 6 November, had recommended to apply the 2003 calculated salary adjustment index of 1.2%, and to approve the Management's proposed measures for containing the cost of hospital treatment within the CERN Health Insurance Scheme (CHIS). Related amendments to the CHIS Rules are being drawn up by the CHIS Supervisory Board in preparation for implementation next year. At its meeting on 15 November, TREF had expressed appreciation for the Management's preview of the Human Resources Plan 2003-2010 that is submitted to the Committees in December. The Forum had also discussed the Management's proposal document on Local Staff, as described below. 2. Local Staff After extensive debate at its ...
Bergman, Ulf Michael; Hutchison, Michael M.; Jensen, Svend E. Hougaard
New indices of fiscal rule strength are constructed and, using a dynamic panel econometric model for 27 EU countries over the period 1990–2012, we assess whether national fiscal rules alone help to promote sustainable public finances in the EU or whether they must be supported by good governance...... in order to be effective. We find that fiscal rules are effective in reducing structural primary deficits at all levels of government efficiency. However, the effect is smaller as government efficiency increases, indicating that fiscal rules and government efficiency are institutional substitutes in terms...... of promoting fiscal sustainability. We also find that balanced budget rules are the most effective form of fiscal rules. Multiple fiscal rules are found to enhance fiscal solvency. Other institutional features that enhance the effectiveness of fiscal rules are transparency of policies and commitment...
Lamskyy Maksym D.
Full Text Available The goal of the article lies in the study, analysis and assessment of the state of income of local budgets. The article identifies main sources of income of local budgets in Ukraine and their importance in formation of main money funds of the local self-governance bodies. It studies problems of scantiness of the income part of budgets in the process of performance of powers by the local bodies of authority. It identifies and analyses changes and reforms after introduction of the Tax Code, which did not provide solution of the issue of sufficiency of the income part of the financial resource of local self-governance. In the result of the study the article gives recommendations with respect to a possibility of expansion of the income base of local budgets for financing both the social and economic directions by local authorities. It develops specific proposals on strengthening the financial base of regions.
of transaction. We turn to recent efforts of hybridizing charity and venture finance, exemplified by microfinance platforms such as Kiva.org. We combine data from an existing study of Kiva and its online community, with additional participant observation and third-party accounts detailing the evolution...... to be assembled for the philanthropic loan to be enacted. We touch upon the making and role of the socio-material devices that actively participate in such enactment only tangentially. Further research is needed to flesh out the respective transaction complex, taking additional note of the work of borrowers...
This dissertation uses mathematical techniques to solve three problems in mathematical finance. The first two problems are on model-independent pricing and hedging of financial derivatives. We use asymptotic expansions to express derivative prices and implied volatilities. Then just by using the first few terms in the expansions, we get simple and accurate formulas, which can also help us find connections between different products. The last problem is on optimal trading strategies in a limit order book. Under a very general setup, we solve explicitly for a dynamic decision problem involving choosing between limit order and market order.
Full Text Available The purpose of the paper is to determine the nature, targets, functions, principles and methods of budget planning and development of classifications due to its types. The essence of budget planning presented by various authors, is own interpretation (the process of developing a plan of formation, distribution and redistribution of financial funds according to budget system units during the reporting period based on budgetary purposes and targets defined by socio-economic development strategy is proposed. Methodology. The following methods such as cognition, induction, deduction, analysis and synthesis have been used in the process of survey. Results of the survey proves that budget planning plays an essential role in the financial management. On condition business environment changing even the best management system can become obsolete. The immediate reaction to the new trends in the financial system as a whole, in the industry is possible with budget planning as well. It also allows to make appropriate adjustments to the plans. Adjustment of long-term, medium-term and short-term plans makes it possible, without changing goals, to change ways of their achievement and thus to raise the level of efficiency of budget funds formation and use. It is necessary to revise the whole system plans, including their mission and goals in the case of global changes in the external and internal environment. Practical implications. The proposed approach to the classification of budget planning types allows to cope with the shortcomings of modern planning in the public sector (the development of the targets according to the state budget expenditures in Ukraine remains a formality and it rarely complies with realities. Value/originality is specified in the proposed interpretation which differs from existing ones that provides clarification of budget planning purpose in financial management; classification of budget planning principles, which differs from previous
Full Text Available Having an efficient budget normally has different advantages such as measuring the performance of various organizations, setting appropriate targets and promoting managers based on their achievements. However, any budgeting planning requires prediction of different cost components. There are various methods for budgeting planning such as incremental budgeting, program budgeting, zero based budgeting and performance budgeting. In this paper, we present a fuzzy goal programming to estimate operational budget. The proposed model uses fuzzy triangular as well as interval number to estimate budgeting expenses. The proposed study of this paper is implemented for a real-world case study in province of Qom, Iran and the results are analyzed.
NASA Administrator Michael Griffin has made three new appointments to the NASA Advisory Council's (NAC' Science Committee, NASA announced on 22 September. Edward David, president of EED, Inc., and science advisor to the President from 1970 to 1973, will serve as the committee-s chair. Also appointed to the committee were Owen Garriott, a retired scientist astronaut, and Alan Stern, executive director of the Space Science and Engineering Division of the Southwest Research Institute (San Antonio, Tex.). David, Garriott, and Stern-who are among nine new members of the full advisory committee that were announced on 22 September-will replace three members of the Science Committee who resigned in August: Science Committee Chair Charles Kennel (Scripps Institution of Oceanography), Wesley Huntress (Carnegie Institution of Washington), and Eugene Levy (Rice University). The NAC's next public meeting will be held on 12 October at Goddard Space Flight Center in Greenbelt, Md.
Maluka, Stephen Oswald; Bukagile, Godfrey
Over the past two decades, community participation has emerged as an important dimension within decentralised district healthcare systems. In Tanzania, initiatives to strengthen community participation have focused on the formation of the health committees. Studies have reported variations in the performance of the committees. An exploratory case study design focusing on two districts was adopted to explore the differences in practice of the health facility committees in a well-functioning district and one that is not. In both study districts, the committees were in place. The most common activities of the health committees were assisting the clinic in day-to-day running. The health committees' influence on policy, planning and budgeting was limited. Managerial and leadership practices of the district health managers, including effective supervision and personal initiatives of the top-district health officials coupled with incentives, are the major factors for the good performance of the health facility committees and the boards. Inadequate training and low public awareness affected the performance of the committees. A greater role in governance and oversight is essential for effective and meaningful health committees. To achieve impact, health committees will require adequate training on the following: roles and functions of the health facility committees and the boards; interaction between the committees and the communities and the health workers; development of health plans and budgets at the local and district level; and monitoring and tracking. Copyright © 2015 John Wiley & Sons, Ltd. Copyright © 2015 John Wiley & Sons, Ltd.
Sandalgaard, Niels; Bukh, Per Nikolaj
In this paper we discuss the role of motivation in relation to budgeting and we analyse how the Beyond Budgeting model functions compared with traditional budgeting. In the paper we focus on budget related motivation (and motivation in general) and conclude that the Beyond Budgeting model...... is a motivational paradox....
Alexander, Donald L.; Anderson, Roger C.
Zero-base budgeting as it is used at Allegany College is described. Zero-based budgeting is defined as a budgeting and planning approach that requires the examination of every item in a budget request as if the request were being proposed for the first time. Budgets (decision packages) are first made up for decision units (i.e., a course for the…
Full Text Available Introduction: to evaluate the impact on the Italian National Health Service (NHS budget of the recent introduction of the DPP-4 inhibitor vildagliptin in combination treatment for NIDDM patients. Methods: NIDDM patients eligible to vildagliptin treatment were identified and quantified based on approved indications and prevalence data review; adequate alternative strategies were identified; direct medical costs associated with competing strategies were calculated according to national practice and prices (drug acquisition, therapeutic monitoring, cost for managing severe adverse events – severe hypoglycemia events, fractures, new heart failure cases and the NHS budgetary impact was estimated according to market penetration assumptions (base-case: 5% and 10% for the first and second year, respectively. Results: patients estimated eligible for vildagliptin in Italy are about 237,500: pts inadequately controlled with metformin monotherapy (166,500, pts inadequately controlled with sulfonylurea monotherapy and intolerant/contraindicated to metformin (70,200, and those inadequately controlled with thiazolidinedione monotherapy (800. Costing and comparing of the vildagliptin-based and competing strategies revealed differences in both directions, depending on patient subgroup. Assuming uniform penetration among identified patient subgroups, vildagliptin introduction is expected to raise NHS costs by 2,750,000 Euro in the first and by 5,500,000 Euro in the second year, respectively representing 1,6% and 3,2% of the estimated total management cost of this patient population. Conclusions: the introduction of vildagliptin in the treatment of Italian NIDDM patients offers a new therapeutic option for three inadequately controlled NIDDM subpopulations; the financial impact on Italian NHS expenditures depends on patient selection and can be expected not to exceed 2-3% of the currently dedicated budget in the first two years.
Rini Sasanti Handayani
Full Text Available Background: Since decentralization era the health budgets including drug budget has been allocated into the development regional budget through formula-based DAU, based on regional revenues and fiscal needs. Health budget is included in DAU, though not explicitly stated. Therefore the health sector practically has to strive for their own budget in every province or every district. This is a new kind of phenomenon for regional governments especially related to the health sector. They should have strategic plan in financing while competing with other sectors to obtain it. Drug consumption in Indonesia is lower than in other ASEAN countries. To ensure access to drugs in primary heath care, the government (Ditjen Bina Farmasi dan Alkes in the mid-year of 2003 in collaboration with WHO has facilitated a meeting among districts. This meeting leads to an agreement that the regional government should allocate Rp5.000,00 per capita annually for drug budget. Methods: A cross sectional descriptive study was done in ten districts in Indonesia in the year of 2006 on how far the realization of the district agreement of drug budget allocation, particularly in relation with improving drug access issues. District Health Office and Drug Management Unit were taken as samples and data were collected by structured interviews. Results: 1 Drug budget for most districts/cities is still less than Rp5.000,00 per capita per annum so that it can be assumed a shortage in terms of kind of, as well as, quantity of drugs. 2 Some districts showed an increase in drug budget, while the other ones showed just the opposite. 3 Not all districts had all essential and/or generic drug procurement. Conclusion: We suggest more intensive socializations for drug financing to districts in order to improve the commitment to the agreement on the allocation of drug budget and, secondly, a better technical training with topics: planning, advocacy and negotiation with relevant stakeholders
Mihaela Cosmina Petre (Niţă,
Full Text Available Although the credit is a conventional financing method used by any company, this tool is by far a very significant issue. The range ofcredits, that a bank provides, and the current policy customize this tool in order to meet the typical financing needs of the enterprises that demands it.Considering the risks, the bank takes the charge of by placing credits, the “eligibility” terms of enterprises that can get such financing being verystrict. Restrictions concerning the accepted degree of liability, the accomplished level of performance or available warranties may represent real“barriers” for many companies. Of all “barriers”, the high cost of some financing tools is a good case in point. In order to have a clearer picture ofwhat this financing source is for an enterprise, I have carried out a cost analysis of these financing tools, the medium and long term credit cost andthe short term credit cost.
Rose, Jeremy; Rios, Jesus; Lippa, Barbara
and match them to the generic participatory budgeting processes. This results in a comprehensive picture of how known eParticipation technologies can be used to support participatory budgeting. The next research question (unfortunately beyond the scope of this article) is how to choose - which technologies...
Reactionary stances against pending budget cuts should be considered to be less favorable positioning for library leaders versus more proactive and anticipatory strategies. By changing the attitudinal and service posturing of library staff and services, libraries can show themselves as a more essential function to their colleges. Budget cuts…
costs of federal health care programs and baby boomer retirements present further challenges to fiscal stability. Operating these programs in their...costs and baby boomer retirements. Budget Fiscal Year 2011 The Obama Administration released its FY2011 budget on February 1, 2010. Congress began its...11 Healthcare Legislation .................................................................................................. 12
Grazier, Kyle L; Metzler, Bridget
Entrepreneurship is often described as the ability to create new ventures from new or existing concepts, ideas and visions. There has been significant entrepreneurial response to the changes in the scientific and social underpinnings of health care services delivery. However, a growing portion of the economic development driving health care industry expansion is threatened further by longstanding use of financing models that are suboptimal for health care ventures. The delayed pace of entrepreneurial activity in this industry is in part a response to the general economy and markets, but also due to the lack of capital for new health care ventures. The recent dearth of entrepreneurial activities in the health services sector may also due to failure to consider new approaches to partnerships and strategic ventures, despite their mutually beneficial organizational and financing potential. As capital becomes more scarce for innovators, it is imperative that those with new and creative ideas for health and health care improvement consider techniques for capital acquisition that have been successful in other industries and at similar stages of development. The capital and added expertise can allow entrepreneurs to leverage resources, dampen business fluctuations, and strengthen long term prospects.
Full Text Available By general agreement, one of the main obstacles to the growth of producer cooperatives is difficult investment financing, due to inadequate Capitalisation levels and the resulting inability to lodge sufficient collateral with lenders. Moreover, worker-owned firms are considered not very reliable because they suffer from problems of moral hazard and insufficient commitment. Unfortunately, the literature on this issue is not extensive and has weaknesses that are highlighted in the paper. By means of its critical analysis, it is possible to provide evidence that the funding difficulties caused by the particular structure of cooperative firms can be effectively tackled by creating an institutional framework within which cooperatives would be offered a wider range of organizational options comparable to those open to traditional enterprises. Finally, it is proved that the willingness of the members to fund the operations of their cooperative with loan capital may not be enough to mobilize external credit. For member financings to persuade potential providers of funds to place trust in a firm, third-party claims must necessarily qualify as senior debt and be repaid before the claims of the partners are settled.
Analyses of global financial markets are dominated by atomized models of decision-making and behavioural psychology ('exuberance' or 'panic'). In contrast, this paper argues that overwhelmingly, finance organizations rather than 'individuals' make decisions, and routinely use emotions in formulating expectations. Keynes introduced emotion (business confidence and animal spirits) but in economics, emotion remains individualistic and irrational. Luhmann's system theory lies at the other extreme, where emotions like trust and confidence are central variables, functional in the reduction of complexity in sub-systems like the economy. The gap between irrational emotions aggregated to 'herd' behaviour in economics, and 'system trust' applied to finance and money as a 'medium of communication' in sociology, remains largely unfilled. This paper argues that while organizations cannot be said to 'think' or 'feel', they are rational and emotional, because impersonal trust, confidence and their contrary emotions are unavoidable in decision-making due to fundamental uncertainty. These future-oriented emotions are prevalent within and between organizations in the financial sector, primarily in generating expectations. The dynamic of corporate activities of tense and ruthless struggle is a more plausible level of analysis than either financial 'manias' in aggregate or 'system trust'.
BUMBESCU SORINA SIMONA
The objective of this article is to highlight the importance of the agriculture financing ways, existing an interdependence relationship between the stage of agriculture development and its funding mechanisms. This article presents in a complex way, the general theoretical framework of the agriculture financing, and the practical methods of agriculture finance from bank loans to European programs and projects, the impact of EU funds on agriculture. The research leads to two import...
Access to finance is one of the most significant challenges for the creation, survival and growth of small and medium enterprises (SMEs), especially, innovative ones. However, forced bank mergers by Central bank of Indonesia may hurdle SME financing and growth. Using the financial data of seven Indonesian bank mergers within 2004-2009, periods three years before and after the merger, this study examines whether bank mergers may hurdle SME financing and growth. The study concludes that bank me...
This dissertation contains three essays on corporate finance and governance which cover a range of topics including: entrepreneurial finance, mergers and acquisitions, financial performance, family ownership, private ownership, ownership change, agency problem, managerial incentives, and management labor markets. In the first two essays, I examine how corporate governance (e.g., family ownership, private ownership and ownership change) affects corporate finance (e.g., financial performance RO...
Full Text Available Manager of sport competition has right to decide and also to take responsibility for costs, income and financial results. From economic point of wiev flexible budget and planning cost calculations is top management base for analyzing success level of sport competition. Flexible budget is made before sport competition with few output level, where one is always from static plan-master plan. At the end of competition when we have results, we make report of plan executing and we also analyzing plan variances. Results of comparation between achieved and planning level of static budget can be acceptable if achieved level is approximate to budget level or if we analyzing results from gross or net income. Flexible budget become very important in case of world eco- nomic crises
Ashutosh Kumar Verma
Full Text Available Malaysia has a two-tier health care system consisting of the public and private sectors. The Ministry of Health is the main provider of health care services in the country. The private health care sector provides services on a nonsubsidized, fee-for-service basis, and mainly serves for those who can afford to pay. For financing health care two types of health insurances are available currently: Private and employee based (aka SOCSO. SOCSO and Employee Provident Fund provide some coverage to private-sector employees. There are several challenges in pure Bismarckian model (private insurance etc. like smaller portion of total population will be "economically active," international competition to attract firms, and maintain/increase employment will put downward pressure on labor taxes. How to sustain universal coverage in this context? In a population setting where unemployment is high informal sector, payroll taxes will not be a major source of funds. However, it is possible to create a universal health financing system by transforming the role of budget funding from directly subsidizing provision to subsidizing the purchase of services on behalf of the entire population. The integration of services between the public and private sector is very much needed, at a cost the people can afford. At present, there is no national health insurance scheme in place. Although there are many models proposed, the main question that the policymakers need to be aware of is that of the equity of access to holistic health services for all Malaysians.
Full Text Available In 2014, at the beginning of the crisis in Ukraine and Russia‘s aggression against this neighboring country, Lithuania became concerned about the strengthening of its military capabilities, augmenting the National Defense System (NDS budget by almost 50% in two years. This may be considered unprecedented, if seen against the background of the presidential elections and those to the European Parliament, the fiscal discipline, the introduction of euro, as well as Russia‘s economic sanctions, the political decision in the course of 2014 on increasing the defense assignation by 130 million litas and in 2015 the increase by planned additional 356 million litas. This article analyzes two closely related problems of the Lithuanian NDS capabilities. First of all, changes in the NDS financing are explored in the context of permanent agreements of Lithuanian political parties concerning the allocation of 2% of the GDP for defense. This is followed by the discussion of the issues of military personnel staffing and training of the reserve as well as future challenges. This research contributes to the assessment of the critical NDS financing and staffing not only within academic circles but particularly among politicians and society in general. Additionally, it contributes to the awareness of the problems the army encountered in seeking to implement the objective set for it: to ensure the military security of the state. In the presence of the emerging threats in the region, this is of particularly great significance to the demilitarized and pacifist society of Lithuania. The article aims at identifying financing and personnel planning problems throughout a quarter of the century, ranging from the restoration of the Army of the Republic of Lithuania to 2014 inclusively. At the same time, the study encourages a discussion by the academic community on issues of the military security of the Lithuanian State and provides analyses as well as possible
BUMBESCU SORINA SIMONA
Full Text Available The objective of this article is to highlight the importance of the agriculture financing ways, existing an interdependence relationship between the stage of agriculture development and its funding mechanisms. This article presents in a complex way, the general theoretical framework of the agriculture financing, and the practical methods of agriculture finance from bank loans to European programs and projects, the impact of EU funds on agriculture. The research leads to two important categories of tangible results; on one hand it highlights the most important and used ways to finance the Romanian agriculture, and on the other hand, there is analised the impact of EU funds on rural development, their absorption.
Developing economies face a gigantic lack of financing for urbanization due to the absence of formal and transparent property markets. The paper discuss the interference between mortgage finance and collateral security by using the Danish mortgage financing model as an example, because of its 200...... years long history, and because the system is recommended as an option in emerging markets and as a possible model for remedying failures in mature housing finance markets. It is suggested that development policies in land administration need to be revised in order to support a widening of credit...
Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of society. This requires that financial institutions account for information about the impact of finance on the environment and vice versa, and that they are held accountable by their supervisors in this domain. Copyright © 2017 Elsevier Ltd. All rights reserved.
Honekamp, Ivonne; Possenriede, Daniel
This article focuses on the redistributive effects of different measures to finance public health insurance. We analyse the implications of different financing options for public health insurance on the redistribution of income from good to bad health risks and from high-income to low-income individuals. The financing options considered are either income-related (namely income taxes, payroll taxes, and indirect taxes), health-related (co-insurance, deductibles, and no-claim), or neither (flat fee). We show that governments who treat access to health care as a basic right for everyone should consider redistributive effects when reforming health care financing.
Le Quéré, Corinne; Andrew, Robbie M.; Canadell, Josep G.; Sitch, Stephen; Korsbakken, Jan Ivar; Peters, Glen P.; Manning, Andrew C.; Boden, Thomas A.; Tans, Pieter P.; Houghton, Richard A.; Keeling, Ralph F.; Alin, Simone; Andrews, Oliver D.; Anthoni, Peter; Barbero, Leticia; Bopp, Laurent; Chevallier, Frédéric; Chini, Louise P.; Ciais, Philippe; Currie, Kim; Delire, Christine; Doney, Scott C.; Friedlingstein, Pierre; Gkritzalis, Thanos; Harris, Ian; Hauck, Judith; Haverd, Vanessa; Hoppema, Mario; Klein Goldewijk, Kees; Jain, Atul K.; Kato, Etsushi; Körtzinger, Arne; Landschützer, Peter; Lefèvre, Nathalie; Lenton, Andrew; Lienert, Sebastian; Lombardozzi, Danica; Melton, Joe R.; Metzl, Nicolas; Millero, Frank; Monteiro, Pedro M. S.; Munro, David R.; Nabel, Julia E. M. S.; Nakaoka, Shin-ichiro; O'Brien, Kevin; Olsen, Are; Omar, Abdirahman M.; Ono, Tsuneo; Pierrot, Denis; Poulter, Benjamin; Rödenbeck, Christian; Salisbury, Joe; Schuster, Ute; Schwinger, Jörg; Séférian, Roland; Skjelvan, Ingunn; Stocker, Benjamin D.; Sutton, Adrienne J.; Takahashi, Taro; Tian, Hanqin; Tilbrook, Bronte; van der Laan-Luijkx, Ingrid T.; van der Werf, Guido R.; Viovy, Nicolas; Walker, Anthony P.; Wiltshire, Andrew J.; Zaehle, Sönke
Accurate assessment of anthropogenic carbon dioxide (CO2) emissions and their redistribution among the atmosphere, ocean, and terrestrial biosphere - the "global carbon budget" - is important to better understand the global carbon cycle, support the development of climate policies, and project future climate change. Here we describe data sets and methodology to quantify all major components of the global carbon budget, including their uncertainties, based on the combination of a range of data, algorithms, statistics, and model estimates and their interpretation by a broad scientific community. We discuss changes compared to previous estimates and consistency within and among components, alongside methodology and data limitations. CO2 emissions from fossil fuels and industry (EFF) are based on energy statistics and cement production data, respectively, while emissions from land-use change (ELUC), mainly deforestation, are based on combined evidence from land-cover change data, fire activity associated with deforestation, and models. The global atmospheric CO2 concentration is measured directly and its rate of growth (GATM) is computed from the annual changes in concentration. The mean ocean CO2 sink (SOCEAN) is based on observations from the 1990s, while the annual anomalies and trends are estimated with ocean models. The variability in SOCEAN is evaluated with data products based on surveys of ocean CO2 measurements. The global residual terrestrial CO2 sink (SLAND) is estimated by the difference of the other terms of the global carbon budget and compared to results of independent dynamic global vegetation models. We compare the mean land and ocean fluxes and their variability to estimates from three atmospheric inverse methods for three broad latitude bands. All uncertainties are reported as ±1σ, reflecting the current capacity to characterise the annual estimates of each component of the global carbon budget. For the last decade available (2006-2015), EFF was 9
Quéré, Corinne Le; Andrew, Robbie M.; Canadell, Josep G.; Sitch, Stephen; Korsbakken, Jan Ivar; Peters, Glen P.; Manning, Andrew C.; Boden, Thomas A.; Tans, Pieter P.; Houghton, Richard A.; 12px; height:12px; display:none; " src="images/arrow-down.gif" width="12" height="12" border="0" alt="hide" id="author_20170008485_hide">
Accurate assessment of anthropogenic carbon dioxide (CO2) emissions and their redistribution among the atmosphere, ocean, and terrestrial biosphere the global carbon budget is important to better understand the global carbon cycle, support the development of climate policies, and project future climate change. Here we describe data sets and methodology to quantify all major components of the global carbon budget, including their uncertainties, based on the combination of a range of data, algorithms, statistics, and model estimates and their interpretation by a broad scientific community. We discuss changes compared to previous estimates and consistency within and among components, alongside methodology and data limitations. CO2 emissions from fossil fuels and industry (EFF) are based on energy statistics and cement production data, respectively, while emissions from land-use change (ELUC), mainly deforestation, are based on combined evidence from land-cover change data, fire activity associated with deforestation, and models. The global atmospheric CO2 concentration is measured directly and its rate of growth (GATM) is computed from the annual changes in concentration. The mean ocean CO2 sink (SOCEAN) is based on observations from the 1990s, while the annual anomalies and trends are estimated with ocean models. The variability in SOCEAN is evaluated with data products based on surveys of ocean CO2 measurements. The global residual terrestrial CO2 sink (SLAND) is estimated by the difference of the other terms of the global carbon budget and compared to results of independent dynamic global vegetation models. We compare the mean land and ocean fluxes and their variability to estimates from three atmospheric inverse methods for three broad latitude bands. All uncertainties are reported as +/- 1(sigma), reflecting the current capacity to characterize the annual estimates of each component of the global carbon budget. For the last decade available (2006-2015), EFF was 9
Effects of the Omnibus Budget Reconciliation Act of 1981 (OBRA) Welfare Changes and the Recession on Poverty. Subcommittee on Oversight and Subcommittee on Public Assistance and Unemployment Compensation of the Committee on Ways and Means. U.S. House of Representatives, 98th Congress, 2nd Session.
Congress of the U.S., Washington, DC. House Committee on Ways and Means.
Possible causes for the rapid increase in the poverty rate from 1980 to 1982 were investigated, with two factors in particular being considered: the impact of the welfare program provisions of the Omnibus Budget Reconciliation Act of 1981 (OBRA), and the recessionary economy experienced during that year. The basic study design used a computer…
This meeting essentially dealt with the various items below:Follow-up of the Finance Committee meeting and preparation for the TREF meeting in NovemberIn November, the Finance Committee recommended the Council to apply the calculated indices for basic salaries (1.292%) and pensions (1.3%) with effect from 1st January 2000. In addition, some voting procedure issues raised during the meeting need to be clarified. Following a question on the consequences of the scheduled downsizing of the staff complement, the Finance Committee agreed that it would be appropriate to await the results of a current internal study on that issue, which were expected to be available by June 2000. The SCC took note of the final preparations for TREF on19 November, with special reference to two items concerning the Pension Fund: compensation to the Fund for the reduction in staff numbers in 1998 and the second stage in the examination of pension guarantee questions. After taking note of the report drawn up by the external experts on pe...
Cassimon, Danny; Prowse, Martin; Essers, Dennis
of the mechanism by China and India, the complex project cycle, and the lack of convincing baselines, little attention has been paid to the financing of CDM projects. In this paper we assess the extent to which CDM projects with public bodies should utilise debt swaps as a form of finance. The paper does...... budget; whether it delivers more resources for climate purposes; whether it has a sizeable effect on overall debt burdens (thereby creating ‘indirect’ benefits); and whether it adheres to the principles of alignment with government policy and systems (key elements within the new aid approach)....
Günther, Michael; Maten, E
This book discusses the state-of-the-art and open problems in computational finance. It presents a collection of research outcomes and reviews of the work from the STRIKE project, an FP7 Marie Curie Initial Training Network (ITN) project in which academic partners trained early-stage researchers in close cooperation with a broader range of associated partners, including from the private sector. The aim of the project was to arrive at a deeper understanding of complex (mostly nonlinear) financial models and to develop effective and robust numerical schemes for solving linear and nonlinear problems arising from the mathematical theory of pricing financial derivatives and related financial products. This was accomplished by means of financial modelling, mathematical analysis and numerical simulations, optimal control techniques and validation of models. In recent years the computational complexity of mathematical models employed in financial mathematics has witnessed tremendous growth. Advanced numerical techni...
Đurić Igor R.
Full Text Available An increased scientific interest in studying different models of education management systems is conditioned by the fact that the quality of education depends significantly on the management style. Thus, the process of creation of efficient systems of management and financing of the education presents a priority in educational policies of contemporary societies. The paper analyses different approaches to the education management systems in some European countries, on the comparative basis, with the aim of achieving as much of a total insight into contemporary courses of such processes as possible. The results of analysis show that the traditional division into centralized and decentralized systems of management is relativized, with a tendency to achieve an optimal relationship among different subjects in the process of management on the central, regional and local level of authority.
Le Quéré, C.; Moriarty, R.; Andrew, R. M.; Canadell, J. G.; Sitch, S.; Korsbakken, J. I.; Friedlingstein, P.; Peters, G. P.; Andres, R. J.; Boden, T. A.; Houghton, R. A.; House, J. I.; Keeling, R. F.; Tans, P.; Arneth, A.; Bakker, D. C. E.; Barbero, L.; Bopp, L.; Chang, J.; Chevallier, F.; Chini, L. P.; Ciais, P.; Fader, M.; Feely, R. A.; Gkritzalis, T.; Harris, I.; Hauck, J.; Ilyina, T.; Jain, A. K.; Kato, E.; Kitidis, V.; Klein Goldewijk, K.; Koven, C.; Landschützer, P.; Lauvset, S. K.; Lefèvre, N.; Lenton, A.; Lima, I. D.; Metzl, N.; Millero, F.; Munro, D. R.; Murata, A.; Nabel, J. E. M. S.; Nakaoka, S.; Nojiri, Y.; O'Brien, K.; Olsen, A.; Ono, T.; Pérez, F. F.; Pfeil, B.; Pierrot, D.; Poulter, B.; Rehder, G.; Rödenbeck, C.; Saito, S.; Schuster, U.; Schwinger, J.; Séférian, R.; Steinhoff, T.; Stocker, B. D.; Sutton, A. J.; Takahashi, T.; Tilbrook, B.; van der Laan-Luijkx, I. T.; van der Werf, G. R.; van Heuven, S.; Vandemark, D.; Viovy, N.; Wiltshire, A.; Zaehle, S.; Zeng, N.
Accurate assessment of anthropogenic carbon dioxide (CO2) emissions and their redistribution among the atmosphere, ocean, and terrestrial biosphere is important to better understand the global carbon cycle, support the development of climate policies, and project future climate change. Here we describe data sets and a methodology to quantify all major components of the global carbon budget, including their uncertainties, based on the combination of a range of data, algorithms, statistics, and model estimates and their interpretation by a broad scientific community. We discuss changes compared to previous estimates as well as consistency within and among components, alongside methodology and data limitations. CO2 emissions from fossil fuels and industry (EFF) are based on energy statistics and cement production data, while emissions from land-use change (ELUC), mainly deforestation, are based on combined evidence from land-cover-change data, fire activity associated with deforestation, and models. The global atmospheric CO2 concentration is measured directly and its rate of growth (GATM) is computed from the annual changes in concentration. The mean ocean CO2 sink (SOCEAN) is based on observations from the 1990s, while the annual anomalies and trends are estimated with ocean models. The variability in SOCEAN is evaluated with data products based on surveys of ocean CO2 measurements. The global residual terrestrial CO2 sink (SLAND) is estimated by the difference of the other terms of the global carbon budget and compared to results of independent dynamic global vegetation models forced by observed climate, CO2, and land-cover change (some including nitrogen-carbon interactions). We compare the mean land and ocean fluxes and their variability to estimates from three atmospheric inverse methods for three broad latitude bands. All uncertainties are reported as ±1σ, reflecting the current capacity to characterise the annual estimates of each component of the global
Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Reports to the Finance Board. 995.9 Section 995.9 Banks and Banking FEDERAL HOUSING FINANCE BOARD NON-BANK SYSTEM ENTITIES FINANCING CORPORATION OPERATIONS § 995.9 Reports to the Finance Board. The Financing Corporation shall file such reports as the...
Acta Hospitalia publishes this summary as an illustration of the difficult process most Western countries experience in reorienting their hospital financing systems. The case of West-Germany is of particular interest. It is the leading economic power in the European Economic Community and its sickness funds (the Krankenkassen) play a very important role in hospital financing. The article reports on the conclusions of a five year study by the R. Bosch Stiftung. We draw attention to the following: The article illustrates that each hospital financing system implies a particul balance of power between the hospitals, on the one hand, and the sickness funds on the other hand, under the auspices of the government. The final balance of power is not so much determined by the general principles but by the detailed operational procedures on which the financing system will eventually be based. This may explain why the conclusions of the Commission are rather vague. The option of the price as the main control instrument immediately demands some 'state committee' to lay down the guidelines for the provision of hospital care including the regional conditions and minimum service quantity and quality standards.
This thesis consists of three chapters in corporate finance and financial intermediation. The first two chapters explore sources of incentives and learning for finance professionals. Specifically, the first chapter studies how the option to go work for an investment bank affects the incentives of
Bureau of Indian Affairs (Dept. of Interior), Washington, DC.
The 1970 Annual Credit and Financing Report of the Bureau of Indian Affairs describes the financing available for economic advancement of American Indians. Specific programs and their results are cited in such areas as housing, small business, agriculture, and education. The appendix contains 41 tables which include information such as loans made,…
Lunde, Jens; Whitehead, Christine
The article discusses the changing trends in the housing finance industry of Europe. The article further mentions that the modus operandi of the industry has remained stable amid economic fluctuations in the overall housing sector between 1990-2015. Moreover, the need to reduce the public spending...... on housing is considered as one of the reasons for introducing private housing finance....
The African Journal of Finance and Management is designed to carry articles, announcements, notes and reports on in-depth, theoretical and empirical research, analysis of field experience and significant new developments in finance, management, banking, accountancy, insurance, social security, computers and related ...
will square the circle of Ethiopia's development financing challenge. Keywords: Ethiopia, development ... targets international climate finance for generating some of the financial resources (Bass et al., 2013), domestic ..... Business 2013 benchmarking exercise through the introduction of a social security contribution for ...
Hoadley, Susan; Tickle, Leonie; Wood, Leigh N.; Kyng, Tim
Graduates with well-developed capabilities in finance are invaluable to our society and in increasing demand. Universities face the challenge of designing finance programmes to develop these capabilities and the essential knowledge that underpins them. Our research responds to this challenge by identifying threshold concepts that are central to…
Hoadley, Susan; Wood, Leigh N.; Tickle, Leonie; Kyng, Tim
Purpose: The purpose of this paper is to investigate and identify threshold concepts that are the essential conceptual content of finance programmes. Design/Methodology/Approach: Conducted in three stages with finance academics and students, the study uses threshold concepts as both a theoretical framework and a research methodology. Findings: The…
California's current school finance system is a tangled web of funding programs, restrictions, inequities and confusion. Building a stronger finance system to benefit from resources is an important step in strengthening California's K-12 education system and better meeting the needs of its students. Gov. Brown has recently proposed the Local…
M.J. McAleer (Michael)
textabstractThe purpose of the paper is to present the fundamental equation in tourism finance that connects tourism research to empirical finance and financial econometrics. The energy industry, which includes, oil, gas and bio-energy fuels, together with the tourism industry, are two of the most
DeLuca, Barbara M.; Wiesenauer, Kathy; Hinshaw, Steven
Uses course evaluations and email messages between students and instructors to investigate opinions of online school-finance courses compared with other online courses in a principal-preparation program. Recommends more opportunity for student discussion in future online school-finance courses. (PKP)
The Chinese economy has grown at a spectacular speed during the past three decades while the financial system is not well developed in China. On the one hand, the informal financing channels, i.e. borrowing from family members, friends, moneylenders, trade credit, etc., may provide proper financing
Rodney R. Zwick; Thomas A. More; Tad Nunez
Communities constantly seek creative financing for public services like recreation. Property tax remains central for financing, but user fees, grants, sales taxes, sponsorship, and bond issues have increased. This paper examines preferences for alternative funding mechanisms in a survey of Hartford, VT residents. Public support for municipal facilities and programs...
The application of the laws of municipal bond financing to solar facilities is examined. The type of facilities under consideration are outlined. The general legal principles of municipal securities financing are discussed. The effect of recent decisions applying antitrust liability to municipal corporations is also discussed. Five specific types of municipal bonds are explained. The application of Section 103 of the Internal Revenue Code of 1954, as amended, to the issuance of municipal bonds for solar facility financing is examined also. Five bond laws of five representative states are examined and whether the eight types of solar facilities under consideration could be financed under such law is discussed. The application of the general legal principle is illustrated. Three hypothetical situations are set forth and common legal issues to be confronted by city officials in proposing such financing are discussed. These issues will be raised in most financings, but the purpose is to examine the common context in which they are raised. It is concluded that if it can be shown that the purpose of the solar facilities to be financed is to benefit the public, all legal obstacles to the use of municipal financing of solar facilities can be substantially overcome.
Finance and Competitiveness in Developing Countries. Couverture du livre Finance and Competitiveness in Developing Countries. Directeur(s) : José M. Fanelli et Rohinton Medhora. Maison(s) d'édition : Routledge, CRDI. 19 septembre 2001. ISBN : 9780415459211. 382 pages. e-ISBN : 1552502171. Téléchargez le PDF.
Swagerman, D.M.; van Steenis, Jorn; Sieber, Pascal; Griese, Joachim
The purpose of this paper is to present examples of the current state of the Shared Services Concept as applied to the finance function. The paper arises out of the ongoing research after current developments in the finance function enabled by information and communication technology, at the
Shmueli, Amir; Achdut, Leah; Sabag-Endeweld, Miri
In 1995, a National Health Insurance Law (NHIL) was enacted in Israel. It specified a mandatory package of services to be provided by the four competing private non-profit sickness funds, and secured the financing of that provision. This review discusses the main issues associated with financing of--and the sickness funds' expenditure on--the package of services and analyzes the trends during the first decade of the implementation of the NHIL. The main findings indicate that between 1995 and 2005 the "real value" of the budget of the package of services has eroded by more than a third, most of it being due to the under-updating with regard to technological advances. The steep rise in the co-payment paid by users of health services and in voluntary supplementary health insurance ownership which is offered by the sickness funds partially financed that erosion. The growth of private spending on health, including on voluntary supplementary insurance, took place in all population groups and in the lowest income-quintile in particular. Indices of the progressivity of the financing of the package of services indicate that the burden of financing has been slightly regressive. In spite of the increase in the share of the regressive private expenditure between 1997 and 2003, overall, the finance became less regressive due to the health tax becoming less regressive. In conclusion, the introduction of the Israeli NHIL was a promising social achievement, but, during its first decade and facing tight national budgets and receiving lower national priority, subsequent regulation eroded the real value of its benefits, and its principles of solidarity and equity in finance. After 10 years of experience, the system might need refreshment and policy amendments that will correspond to its original aspirations.
... annual Capital and Current Expense Budgets for the fiscal year ending June 30, 2012 and establishing a budget and finance committee. A public hearing on the fiscal year 2012 budgets was held previously, on... and finance committee consisting of representatives of each of the Commission's five signatories, to...
Jerzy Piotr Gwizdała
Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.
Full Text Available A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation
Anna Ivanovna Povarova
Full Text Available Last year has been marked by worrying trends in the development of a budgetary crisis in Russian regions; the crisis became apparent in 2013, when regional authorities had to get into huge debts in order to provide finances for the social obligations in the framework of the presidential decrees of May 7, 2012. The budget process in 2015 was characterized by expanding negative trends in those regions that had previously been the engines of economic growth and budget donors, which contradicts the regional development strategy. The crisis response measures consist in a large-scale optimization of expenses. Despite an attempt undertaken by the Government to replace commercial borrowings with budget loans, there are still no prospects for solving the debt issue. On the contrary, expert forecasts predict a doubling of the debt stock in regions by the end of 2017. Cuts in the expenditures on human capital development should be considered as a new negative trend, naturally resulting in the deterioration of material well-being of Russians, which was expressed in the decline in their real incomes and raising poverty level. It seems that on the eve of the RF State Duma elections the social policy of the authorities ceases to be socially oriented. Under the circumstances of an aggravating budget crisis, the Government is not increasing unrepayable financial aid (it did increase it in 2009; instead, it is pursuing the opposite policy and estranges itself from providing support to regions. Moreover, the Cabinet of Ministers does not openly wish to carry out a just division of powers and obligations of governmental units, but turns it into a mechanism for financing federal budget deficit by shifting state obligations onto the regions. The paper presents the results of the analysis of sub-federal budgets execution in 2015. The main goal was to identify the features of budget process and trends in the dynamics of budget parameters. The main conclusion is that
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Liability of Banks, Finance Board, Office of Finance and Federal Reserve Banks. 987.7 Section 987.7 Banks and Banking FEDERAL HOUSING FINANCE BOARD OFFICE OF FINANCE BOOK-ENTRY PROCEDURE FOR CONSOLIDATED OBLIGATIONS § 987.7 Liability of Banks, Finance...
WaterSense created the Water Budget Tool as one option to help builders, landscape professionals, and irrigation professionals certified by a WaterSense labeled program meet the criteria specified in the WaterSense New Home Specification.
Within the scientific community there seem to be at least two schools of thought as far as the federal budget is concerned. One holds that more money would be made available for research if only spokesmen for research could gain access to high government officials. The other view is that the research budget of the United States reflects well-considered policy and cannot be changed by friendly persuasion. Rashi Fein, professor of the economics of medicine at Harvard Medical School, believes the latter. He expressed his point of view recently in an address before the American Public Health Association. His remarks were directed to last year's budget but apply equally to the President's budget for fiscal 1975. Excerpts from his talk, "The new national health spending policy-who pays and who gets?" follow.
Congress has agreed to match or exceed most of the funding requests for the major science agencies requested by President Clinton in February. Many of them will receive their largest budget increases for years (11 paragraphs).
National Oceanic and Atmospheric Administration, Department of Commerce — The NASA/GEWEX Surface Radiation Budget (SRB) Release-3.0 data sets contains global 3-hourly, daily, monthly/3-hourly, and monthly averages of surface and top-of...
Original: EnglishThis meeting of the SCC was devoted to the follow-up of the meetings of the Finance Committee and Council in June, to discussion of the voluntary programmes - including news from the Director-General on four extra RSL posts, and to other main items indicated below :Follow-up of the meetings of Finance Committee and Council in JuneThe Committee took note of the Chairman's report on these meetings and discussed follow-up actions in preparation for the next meeting of TREF on 24 September.Report from FC and Council meetingsThe Management concluded that work would continue on the basis of the planning and scope of the 5-yearly review as presented to the Committees (document CERN/TREF/127/Rev.2), in order to launch the data collection enquiry in external organisations this autumn. Emphasis would be given to the study of the career structure and recruitment-related aspects, whilst limiting data collection work on some other issues which had been examined in depth at the previous review in 1994/95. ...
Inderberg, Haakon; Rottem, Svein Vigeland
The report analyses challenges within development aid with the inclusion of climate financing in the Norwegian portfolio. The report starts by identifying central concepts and challenges that arise when funding of climate change projects are made part of a traditional development aid budget. Does the inclusion of climate considerations, mitigation and adaptation projects, within the Norwegian development aid budget alter the traditional development goals? Moreover, we ask to what degree the climate change funding can be regarded as 'new and additional', as committed in international climate negotiations. The analysis is based on interviews within the Norwegian Ministry of Foreign Affairs, the Ministry of Environment, and the Norwegian Agency for Development Aid, as well as analysis of the official Norwegian development budgets from 2010 and 2011. It concludes that while mitigation financing, in particular REDD(+) can be said to be largely additional to traditional aid goals, it is difficult to assess the additionally for adaptation funding due to a lack of transparency.(auth)
Leuliette, E. W.; Miller, L.; Tamisiea, M. E.
Balancing the sea-level budget is critical to understanding recent and future climate change as well as balancing Earth's energy budget and water budget. During the last decade, advancements in the ocean observing system — satellite altimeters, hydrographic profiling floats, and space-based gravity missions — have allowed the global mean sea level budget to?be assessed with unprecedented accuracy from direct, rather than inferred, estimates. In particular, several recent studies have used the sea-level budget to bound the rate of deep ocean warming [e.g. Llovel et al. 2014]. On a monthly basis, the sum of the steric component estimated from Argo and the ocean mass (barostatic) component from GRACE agree total sea level from Jason within the estimated uncertainties with the residual difference having an r.m.s. of less than 2 mm [Leuliette 2014]. Direct measurements of ocean warming above 2000 m depth during January 2005 and July 2015 explain about one-third of the observed annual rate of global mean sea-level rise. Extending the understanding of the sea-level budget from global mean sea level to regional patterns of sea level change is crucial for identifying regional differences in recent sea level change. The local sea-level budget can be used to identify any systematic errors in the global ocean observing system. Using the residuals from closing the sea level budget, we demonstrate that systematic regional errors remain, in part due to Argo sampling. We also show the effect of applying revised geocentric pole-tide corrections for GRACE [Wahr et al. 2015] and altimetry [Desai et al., 2015].
Ph.D. Student Ionut Constantin
In the recent decades, the budget deficit has become one of the characteristics of national economies. Furthermore, it finds its dimensions amplification. Despite this, more and more are the economists who dispute the need to balance the budget, arguing the need even the deficit and systematic use of in order to achieve economic equilibrium. Such guidance is substantiated by the need to promote an economic policy which ensures full use of resources and non-inflation economic growth.In these c...
"The US has slashed funding for the International Linear Collider (ILC) by 75% as the budget for 2008 has been finally agreed between the Republican Bush Administration and Democratic Cngress. The new budget legislation, which US president George W. Bush is expected to signe by 31 December, will see up to 200 scientists at the Fermi National Accelerator Laboratory (Fermilag) lose their jobs." (2 pages)
... following events are open to the press: WHO: House Committee on Veterans’ Affairs WHAT: Legislative Hearing on ... From Shielding Dangerous Doctors 13 Oct On Thursday, House Committee on Veterans’ Affairs Committee Chairman Phil Roe ( ...
In this thesis the work of ethics committees in Croatia is being investigated for the first time. The 1997 Law on Health Protection introduced legal standards for the establishment of the so-called 'mixed' type of ethics committees in healthcare institutions. Our study aims to examine whether this
The author finds that as faculty members, professors are susceptible to an excess of university committee work. He explains that new hires know they need to busy themselves with scholarship, teaching, and service in order to build a strong case for tenure. Eager to make a good impression, they volunteer for committees, task forces, and other…
Aleksandr Yemelyanovich Miller
Full Text Available In the article, the relevant problem of increasing the regional budget revenues is investigated. The subject matter of the research is the securities market as a mechanism for the redistribution of financial resources. The purpose of the research is justification of the effective scheme feasible in the current environment of the interaction of the securities market and the regional budget. In the study of the above-mentioned subject, the hypothesis of a close relationship between state and non-state finance system was taken as a basis. The theoretical principle of the research supports the theory of the stock market; to achieve the purpose, the institutionally-functional approach to the study of state finances is applied. As the result of the research, possible common grounds of the securities market and the regional financial system are identified; the reserve of improving efficiency of the securities market in the Western Siberia regions are revealed; the model reflecting the dependence of tax revenues from the pace of regional economic development is constructed; promising areas for development of the securities market for the benefit of the regional economy and regional financial system are formulated; the possible effect from the development of regional securities market on regional budget revenues is estimated. The results mentioned above are recommended to be apllied when developing regional financial policies and programmes of region socio-economic development. A long-term stimulation of the growth in incomes of regional budgets is a very complex process, but with the proper elaboration of organizational issues, the implementation of the proposed scheme for interaction of the securities market and the regional financial system is capable to provide a steady increase in tax revenue in the short term and alleviate the problem of financing costs of the regional budget.
The main items discussed at the meetings of the Standing Concertation Committee on 30 September 2008 included: Part-time work as a pre-retirement measure The Committee agreed to recommend the Director-General to extend the scheme of part-time work as a pre-retirement measure by one year, i.e. until 31 December 2009. Preparation of TREF on 7 October 2008 The Committee took note that the TREF agenda would cover: Annual salary adjustment; Voluntary programmes; Five-yearly review of financial & social conditions of members of the personnel; Update on 2005 review; Preparation for 2010 review; TREF workplan 2009; Update on CHIS actuarial study. The proposals and presentations which the Management planned to present to TREF were discussed and some clarifications were agreed. Follow-up of Finance Committee and Council The Committee took note of a report by the Chairman of points related to personnel matters discussed in those committees. He mentioned in particular the annu...
This meeting was mainly devoted to follow-up from the Finance Committee in March, to preparation for TREF in May and to discussion of status reports from several Sub-Groups of the SCC. 1. Follow-up from the meeting of the Finance Committee in March and preparation for the meeting of TREF in May As agreed at the Finance Committee in March, the Management will prepare an explanatory document on the discrepancy of -0.3% in the net salary adjustment applied as a result of the 5-yearly Review. This document will be presented at the next meeting of TREF on 18 May, and then to the Finance Committee on 13 June. Other items on TREF's Draft Agenda include a status report on preparation for implementing the new career structure in September, together with modifications of the Staff Rules and Regulations, and a status report on implementation of detailed provisions concerning Long-Term Care. The Staff Association suggested that the subject of staffing levels should also be included in the agenda for TREF. The Management ...
... 42 Public Health 4 2010-10-01 2010-10-01 false Budget. 457.140 Section 457.140 Public Health... Child Health Insurance Programs and Outreach Strategies § 457.140 Budget. The State plan, or plan amendment that has a significant impact on the approved budget, must include a budget that describes the...
The annual budget has been criticised in recent years. The critics claim, among other things, that the annual budget is not suitable for today's business environment, that annual budgets stimulate dysfunctional behaviour and furthermore that the use of budgets is too costly. This paper examines...
At the core, budgeting is about distributing and redistributing limited financial resources for continuous improvement. Incremental budgeting is limited in achieving the goal due to lack of connection between outcomes and budget decisions. Zero-based budgeting fills the gap, but is cumbersome to implement, especially for large urban school…
Education Resource Strategies, 2012
"School Budget Hold'em" is a game designed to help school districts rethink their budgeting process. It evolved out of Education Resource Strategies' (ERS) experience working with large urban districts around the country. "School Budget Hold'em" offers a completely new approach--one that can turn the budgeting process into a long-term visioning…
... meeting. SUMMARY: The OCS Scientific Committee will meet at the Sheraton Reston Hotel in Reston, Virginia..., from 8:30 to 5 p.m.; Thursday, February 9, 2012, from 9 a.m. to 4 p.m. ADDRESSES: Reston Sheraton Hotel... Committee Act, Public Law 92-463, 5 U.S.C., Appendix I, and the Office of Management and Budget's Circular A...
The Pesticide Program Dialogue Committee, a permanent, broadly representative advisory committee, meets with EPA on a regular basis to discuss pesticide regulatory, policy, and program implementation issues.
Hoadley, Susan; Tickle, Leonie; Wood, Leigh N.; Kyng, Tim
Graduates with well-developed capabilities in finance are invaluable to our society and in increasing demand. Universities face the challenge of designing finance programmes to develop these capabilities and the essential knowledge that underpins them. Our research responds to this challenge by identifying threshold concepts that are central to the mastery of finance and by exploring their potential for informing curriculum design and pedagogical practices to improve student outcomes. In this paper, we report the results of an online survey of finance academics at multiple institutions in Australia, Canada, New Zealand, South Africa and the United Kingdom. The outcomes of our research are recommendations for threshold concepts in finance endorsed by quantitative evidence, as well as a model of the finance curriculum incorporating finance, modelling and statistics threshold concepts. In addition, we draw conclusions about the application of threshold concept theory supported by both quantitative and qualitative evidence. Our methodology and findings have general relevance to the application of threshold concept theory as a means to investigate and inform curriculum design and delivery in higher education.
Kristina Slavikovna Melkumyan
Full Text Available The article examines the FATF specific approach to the problem of terrorism financing. The FATF essence, content of the activity and influence levers are also analyzed within the article. It is shown that the FATF has reviewed the problem of terrorism financing in the broadest perspective, having engaged simultaneously and consistently mechanisms for combating money laundering and terrorism financing. The Task Force has greatly contributed to building of the world counter-terrorism financing system through forming the legal and institutional basis as well as through interaction with all the possible participants and actors of world politics in this area. Moreover, the FATF has succeeded in geographical expansion of the FATF influence from the original 16 to187 jurisdictions by promotion of FATF-style regional bodies establishment. Particular attention is drawn to the unique features of the FATF Recommendations in comparison with the earlier issued sources of international law, which define the international counter-terrorism financing regime. The author believes that one of the advantages of the FATF as an institute within the counter-terrorism financing system among others is the informal status of the FATF, which provides its flexibility and high ability to respond quickly and in a timely manner to evolving nature of money laundering and terrorism financing as well as emerging threats.
Wu, Jing; Tang, Lichun; Mohamed, Rayman; Zhu, Qianting; Wang, Zheng
Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumptionbased emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.01°C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for developing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the longterm economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.
.... This report evaluated the Defense Finance and Accounting Service competitive sourcing process and reviewed the adequacy of the Defense Finance and Accounting Service management control program...
The Resilience Mitigation Financing for Water and Wastewater Utilities webinar focuses on tools and financing resources to conduct resilience planning and to mitigate impacts before a disaster strikes.
Harris, John; Holm, Craig E; Inniger, Meredith C
As physicians embrace their roles in managing healthcare costs and quality, finance leaders should seize the opportunity to engage physicians in clinical care redesign to ensure both high-quality performance and efficient resource use. Finance leaders should strike a balance between risk and reward to achieve a portfolio of clinical initiatives that is organizationally sustainable and responsive to current external drivers of payment changes. Because these initiatives should be driven by physicians, the new skill set of finance leaders should include an emphasis on relationship building to achieve consensus and drive change across an organization.
This first edition covers financing projects in the developing world, mergers and acquisitions; mitigating cross-border risk; basic risk in energy markets; real-time oil and gas pricing issues; oil and gas equity; risk management; project finance. The yearbook also features more regional specific topics such as: gas transportation in the Mercosur; 25 years of growth in the UAE; natural gas in Mexico; LNG in the Far East; legal issues surrounding the Russian oil and gas industry; LNG projects in the Middle East; the North Sea; and financing the oil and gas industry of Southern and South Africa. (UK)
Full Text Available The subject of this paper are bank accounts for public finance agencies income. The article describes characteristics of accounts for all three kinds of agencies: government and municipal units working in regards to statue of education and units with headquarters in foreign countries. The author presents a detailed directory of income for particular accounts and the allocation of said income. This paper also deals with the optionality of those dedicated bank accounts and the competence for erecting them. In a smaller scope there are presented the controversies of establishing bank accounts for public finance agencies income in the past, before the current statue of public finance.
North, David J.; Baldock, Robert; Deakins, David; Whittam, Geoff
There is evidence that some SMEs may still face difficulties in accessing bank finance from lenders (CEEDR, 2007). This paper reports an in-depth study into demand and supply side issues relating to access to bank finance by Scottish SMEs and whether there is still market\\ud failure associated with good, bankable business cases from SMEs that do not receive finance. We argue that our study utilises innovative methodology and is relatively rare as a robust study in this area. We combine demand...
Ziyaev, Muzafar K.; Rakhmonov, Ahadjon; Sultanov, Murtazo S.
This book provides an indepth description and analysis of financial management and budgetary procedures for education in Uzbekistan. The Uzbek approach is different from that of other newly independent countries of the former Soviet Union. The country chose a policy of maintaining the advantages of the former system of education while introducing…
Nyevero Maruzani; Nogget Matope; Efiritha Chauraya
Gender budgeting, which is also known as gender responsive budgeting , tracks how budgets respond to gender equality and women’s rights requirement. This entails investing in and making available mechanisms, guidelines and indicators that enable gender equality advocates to track progress, benefit incidence and show how supposedly gender neutral budgets impact on men and women. The aim of this discussion is to highlight the importance of gender budgeting in addressing gender disparities while...
Alla Yu. Baranova
Full Text Available Objective to determine and classify the institutional traps in financing the hospitality industry in Russia. Methods abstractlogical generalization and observation. Results basing on the analysis of statistics and regional program of tourism development in Krasnodar region the challenges and obstacles were identified to the development and improvement of tourist services quality. The research result is the identification and systematization of institutional traps in the financing of tourism expressed in the increased public support of the sector. In particular a significant proportion of touristrecreational sector funding is still taken from the budget though the specific weight of profitable health resort organizations amounted to 60 over the past three years. In the process of research the author formulated a general concept of the institutional structure of the hospitality industry in Russia and the model of the sector financing through a system of incentives and benefits for vacationers forming the tourist clusters and forming a mechanism of dialogue between the authorities and representatives of tourist business. Scientific novelty the institutional traps are defined and systematized which are formed in the system of tourism financing measures to overcome them are proposed. Practical significance the proposed recommendations can be used by the entities of the hospitality industry to enhance business activities and by authorities to implement tasks outlined in the state programs.
A sa réunion du 15 septembre 2004 , le Comité des finances a recommandé au Conseil d'approuver le projet préliminaire de budget 2005 aux prix de 2004. La présente version tient compte des transferts du budget 2004 présentés dans le document "Budget 2004 - Transferts et dépassements de crédits" , du prélèvement dans la réserve pour imprévus pour le LHC indiqué dans le document "Réserve pour imprévus pour le LHC" et de divers ajustements mineurs. En conséquence, il est demandé au Comité des finances de recommander au Conseil d'approuver les modifications par rapport au projet préliminaire de budget 2005 présentées dans les tableaux de l'annexe 1.
Full Text Available The main message of this paper is that the sound management of public finances is one of the key factors of sustainable development and that the modern concept of public financial management sets a much higher requirements and standards than the classical approach limited to state budgeting. This paper presents the basic aspects of good and effective management of public finances that is of special importance for Serbia and the countries of Southeastern Europe. Serbia has made a significant progress in public financial management in relation to the situation fifteen years ago, but a lot needs to be done, and the greatest challenges are now focused on public debt management, public investment management and fiscal risk management.
... SPACE ADMINISTRATION NASA Advisory Council; Space Operations Committee and Exploration Committee; Joint... they are attending the NASA Advisory Council Space Operations Committee and Exploration Committee joint... they are attending the Space Operations Committee and Exploration Committee joint meeting in NASA...
Full Text Available The central researched element in our paper is the local budgets, the basic component of local public finances. Local budgets, like any other budgets, are the most important tool for the management (of local governments planning, forecasting, implementing and monitoring the results of administrative-territorial units activity, also being an appropriate tool for enhancing performance. A budget is the government's plan regarding the use of public resources to meet the citizens' needs. The aim of this paper is to realize a research on budget transparency in local governments from the Nord-West Region of Romania, regarding the availability of the budget information on the websites of the county councils and the county residences. The key element of good governance in today global economic environment is transparency that can be defined as the openness of public authorities (central and local regarding their policy intention, formulation and implementation. For local governments budget transparency is an important issue, due to the growing role of administrative-territorial units, confirmed over time by the economic reality. The importance of local budgets has increased in recent years due to the need to improve management efficiency and accounting al the level of local governments. Not only policy makers but also the citizens need information regarding local government current activities, expenditures, development projects and policies. In this context of a growing need for information, the transparency of local budgets is a mandatory condition for any local government. The combination of budget transparency and public participation in budget processes has the potential to combat corruption, foster public accountability of government agencies and contribute to judicious use of public funds. In this context, budget transparency represents the mean through which ordinary citizens and civil society organizations can access information about the
Asante, Augustine D; Price, Jennifer; Hayen, Andrew; Irava, Wayne; Martins, Joao; Guinness, Lorna; Ataguba, John E; Limwattananon, Supon; Mills, Anne; Jan, Stephen; Wiseman, Virginia
Equitable health financing remains a key health policy objective worldwide. In low and middle-income countries (LMICs), there is evidence that many people are unable to access the health services they need due to financial and other barriers. There are growing calls for fairer health financing systems that will protect people from catastrophic and impoverishing health payments in times of illness. This study aims to assess equity in healthcare financing in Fiji and Timor-Leste in order to support government efforts to improve access to healthcare and move towards universal health coverage in the two countries. The study employs two standard measures of equity in health financing increasingly being applied in LMICs-benefit incidence analysis (BIA) and financing incidence analysis (FIA). In Fiji, we will use a combination of secondary and primary data including a Household Income and Expenditure Survey, National Health Accounts, and data from a cross-sectional household survey on healthcare utilisation. In Timor-Leste, the World Bank recently completed a health equity and financial protection analysis that incorporates BIA and FIA, and found that the distribution of benefits from healthcare financing is pro-rich. Building on this work, we will explore the factors that influence the pro-rich distribution. The study is approved by the Human Research Ethics Committee of University of New South Wales, Australia (Approval number: HC13269); the Fiji National Health Research Committee (Approval # 201371); and the Timor-Leste Ministry of Health (Ref MS/UNSW/VI/218). Study outcomes will be disseminated through stakeholder meetings, targeted multidisciplinary seminars, peer-reviewed journal publications, policy briefs and the use of other web-based technologies including social media. A user-friendly toolkit on how to analyse healthcare financing equity will be developed for use by policymakers and development partners in the region. Published by the BMJ Publishing Group
Full Text Available The Organization for Economic Cooperation and Development (OECD describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new being to reach economic autonomy. In this paper we analyze the family and social dimensions of human capital and discuss how decisions on human capital formation are taken and how its associated costs are shared. The discussion leads us to identify an important paradox underlying human capital formation, namely the fact that while families are its main contributors the benefits of such investment go primarily to society as a whole. This paradox and its consequences are central to two very important current issues. The first issue, one that is common to many developed countries, is low female fertility which is the source, in particular, of population aging. The second issue, affecting chiefly developing countries, is the inequality of opportunities, a problem lying at the root of underdevelopment. Two options are discussed to respond to this dilemma, one based on redistributive programs and another on market solutions. The paper discusses the limits inherent to redistributive programs and goes on to present at length the alternative market solution. In a nutshell this consists of securitizing the human capital of individuals so as to finance the expenses leading to their upbringing, from birth to adulthood. In addition to describing this scheme the paper analyzes its advantages as well as the difficulties associated with its implementation. It concludes by exploring possible interpretations of the scheme and feasible routes for its adoption.
Indigenous Community Insurance (Iddirs) as an Alternative Health Care Financing Shimeles O. et al. 53 ... In Ethiopia, indigenous social institutions exist to help victims deal ..... that tie the Ethiopian population during catastrophic events for ...
Assenza, Tiziana; Bao, Te; Hommes, Cars; Massaro, Domenico; Duffy, John
Expectations play a crucial role in finance, macroeconomics, monetary economics, and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules, and the
Assenza, T.; Bao, T.; Hommes, C.; Massaro, D.; Duffy, J.
Expectations play a crucial role in finance, macroeconomics, monetary economics, and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules, and the
How WIFIA works, program implementation, program guidance, how potential recipients can obtain funding, and project eligibility. WIFIA works with State Revolving Funds to provide subsidized financing for large dollar-value projects.
African Review of Economics and Finance. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 4, No 1 (2012) >. Log in or Register to get access to full text downloads.
Vermont Center for Geographic Information — Tax Increment Financing (TIF) Districts is established by a municipality around an area that requires public infrastructure to encourage public and private real...
Department of Education — School District Finance Survey, 2013–14 (F-33 2013–14) is a study that is part of the Common Core of Data (CCD) program; program data is available since 1989–90 at ....
Hommes, C.; Wagener, F.
Traditional finance is built on the rationality paradigm. This chapter discusses simple models from an alternative approach in which financial markets are viewed as complex evolutionary systems. Agents are boundedly rational and base their investment decisions upon market forecasting heuristics.
Spinella, Marcello; Yang, Bijou; Lester, David
There is accumulating evidence that prefrontal systems play an important role in management of personal finances, based on studies using clinical populations, functional neuroimaging, and both subjective and objective neuropsychological measures. This study developed the Executive Personal Finance Scale (EPFS) as a specific self-rating measure of executive aspects of personal money management. The resulting 20-item scale had good reliability and showed four factors: impulse control, organization, planning, and motivational drive. Validity was evidenced by correlations with income, credit card debt, and investments. The EPFS also showed logical correlations with compulsive buying and money attitudes. Second-order factor analysis of the EPFS and other scales revealed two higher-order factors of personal finance: cognitive (e.g., planning, organizing) and emotional (e.g., anxiety, impulse-spending, prestige). The EPFS shows good psychometric properties, is easy to use, and will make a convenient complement to other research methodologies exploring the neural basis of personal finance management.
Full Text Available Although the field of modern finance has progressed impressively, it is still hard to explain on a scientific basis why people behave nonrationally when dealing with money. The classic finance assumes people rationalize and optimize their financial decisions. Behavioral Finance adds the importance of what investors should do and complements the mantra of classic finance with what people actually do, in terms of economic decisions. The new field of Neuroeconomy investigates the subtle and profound interactions within the human brain when faced with uncertainties of an economic decision. The most basic psychological traits of human being (fear, anger, greed and altruism stamp an indelible mark on our decisions about money. The intellect (understanding a situation, reason (long term consequences of the contemplated action and emotion (the judge of the course of action are all intercorrelated resorts behind human decision making.
Leitao Rodriguez, A.
Monte Carlo methods are highly appreciated and intensively employed in computational finance in the context of financial derivatives valuation or risk management. The method offers valuable advantages like flexibility, easy interpretation and straightforward implementation. Furthermore, the
This article reviews the development of Private Finance Initiative schemes in the United Kingdom, and reflects on how profitable opportunities for private financiers and construction companies were created at the expense of the public sector. (Contains 72 notes.)
Describes how indirect costs, which have been incurred by a school district or an educational agency to support Federally financed projects, may be reimbursed in accordance with 1969 amendments to the ESEA. (JF)
The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.
Full Text Available Upon accession to the European Union, the New Member State’s budget undergoes significant structural changes due to the appearance of new categories of revenues and expenditures. The aim of this paper is to estimate the possible effects of Croatian membership in the EU on changes in the structure and size of budget revenues and expenditures upon the country’s accession to the EU in the second half of 2013, as well as to indicate the possibilities for utilization of EU funds in the new financial perspective up to 2020. It is shown that in 2013 Croatia might realize a positive net financial position in transactions with the EU budget in the amount of approximately 0.28% of GDP, i.e. EUR 136 m. The total net financial position of Croatia due to EU accession, which includes some additional costs and benefits like different harmonization and the need for project co-financing at state and local levels, is also positive in 2013 and amounts to approximately 0.15% of GDP or equivalently EUR 72 m. Total amount of all funds that Croatia might receive in the new EU financial perspective covering the period from 2014 to 2020 amounts to EUR 6.34 bn, whereby annual amounts increase from EUR 0.7 bn in 2014 up to EUR 1.2 bn in 2020. By using exponential regression analysis it is estimated that in 2020 Croatia should be a net recipient of funds from the EU budget in total amount of 1.72% of GDP, i.e. EUR 1.13 bn.
Elena V. Krylova
Full Text Available The article deals with the individual, the most important, in my opinion, aspects of the financing in the public order. Government purchases are considered as a complex, multi-tiered system of interrelated categories, the functioning of which should ensure the achievement of maximum effectiveness and efficiency of budget allocation. In this case, the participants of procurement procedures occurs responsible for quality results execution of the state order. The problems arising in the implementation of public contracts are set out proposals to improve the effectiveness of the financial mechanism under the contract system.
Venture capital has become an important source of financing young entrepreneurial firms. Venture capital backed firms are often perceived as more innovative and as creating more value than others. Perhaps for this reason, policy makers are keen to create a good institutional framework to facilitate the development of an active venture capital industry. We explore the role of tax policy in determining the incentives of individuals to start up new firms and of venture capitalists to finance and...
Corduneanu, Carmen; Iovu, Laura Raisa
Considerable evidence shows that countries with the most developed financial sectors and capital markets enjoy the strongest economic growth over the long run. The non-financial sector, small and medium sized entities can access a wider availability of more innovative and lower cost finance to aid their growth, while larger companies profit from an overall reduction in the cost of capital and a wider range of financial products. These economical agents in search of alternatives for financing ...
Full Text Available In the present study we aim to analyze and deepen an important category of expenditure funded from local budgets namely expenses on services and public development, dwellings, environment and water. Our approach begins with determining scientifically the place of such expenses in local spending by clarifying their content and role. A special part of the article treats the particularities and financing of public utilities and finance and making investments related to public utility systems. The research is based on quantitative analysis of expenses for services and public development, dwellings, environment and water in local budgets from existing data in the Statistical Yearbook of Romania and highlights the structure of these types of expenditures and their place within public expenses in local budgets. The study includes an analysis of the dynamics of the share hold by expenses for services and public development, housing, environment and water in total expenditures from local budgets. The research carries out that the evolution and structure of expenses for services and public development, housing, environment and water from local budgets is determined by several variables that differ from one administrative territorial unit to another: the village area, length of roads, sewage system, number and social structure of the population. The research shows that within expenditures for public services and development, dwellings, environment and water the biggest share of expenditure is hold by expenditure on housing, public services and development (about 64%. During the period 2000-2013, the dynamics of expenditures for services and public development, dwellings, environment and water in the total expenditure of local budgets is sinusoidal, reaching a minimum threshold of 11.1% in 2011.
Ph. D. Student Ionut Constantin
Full Text Available In the recent decades, the budget deficit has become one of the characteristics of national economies. Furthermore, it finds its dimensions amplification. Despite this, more and more are the economists who dispute the need to balance the budget, arguing the need even the deficit and systematic use of in order to achieve economic equilibrium. Such guidance is substantiated by the need to promote an economic policy which ensures full use of resources and non-inflation economic growth.In these circumstances, balancing the budgest is clearly of secondary importance. In this context, it supported the need to increase expenditure at a pace faster than income growth and, implicitly , to keep budget deficits.
Full Text Available Situation of Poland's public finances has been improving. Helped by solid economic growth in 2011, Poland has reduced its budget deficit in line with the Commission's recommendations. Contrary to earlier forecasts, in 2012 it was slightly above the ceiling of 3% of GDP. It should be further reduced to reach in 2015 the level of 1% of GDP in terms structural deficit. The slowdown of the economy in 2012 and probably in 2013 will not make this task easy, however.Public debt has risen steadily over the past few years but level has been in recent times still well below the 60% of GDP ceiling.The national reform programme and the convergence programme were adopted by Poland’s Council of Ministers on 25 April 2012. The convergence programme outlined in an integrated manner the fiscal consolidation efforts, the key structural reforms and the reforms that underpin macroeconomic stabilisation.In the medium to long term, Poland is faced with a number of challenges. A very low labour force participation rate, in particular of women, and the poor quality of vocational training and education are major concerns given an ageing population. The low level of public and private R&D spending, weak links between science and industry and the poor innovation performance call for improvements.Apart from programme of national reforms, crucial for future sustained economic growth and good performance of public finances, an additional factor stimulating activities towards fiscal improvement should be Poland’s participation in a strengthened economic governance architecture recently introduced in the EU.Euro adoption remains an important goal of Polish government. The uncertain situation in the euro zone has, however, postponed adoption of a clear timetable of joining the euro zone. The government decided that an additional condition to join the euro zone, apart from meeting the nominal convergence criteria (and legal conditions not discussed here, is stabilisation of
ORDINARY MEETING ON 27 FEBRUARY 2008 The main items discussed at the meetings of the Standing Concertation Committee on 27 February 2008 included: Short-term Saved Leave Scheme The Committee noted that, by the end of February 2008, some 600 staff had enrolled in the short-term saved leave scheme: approx. 58% had signed up for 1 slice, 14% for two slices, 5% for three slices and 23% for four slices. Administrative Circular No. 4 (Rev. 4) - Unemployment Insurance Scheme The Committee agreed to recommend the Director-General to approve Administrative Circular No. 4 (Rev. 4) - Unemployment Insurance Scheme. Administrative Circular No. 30 (Rev. 2) - Financial benefits upon taking up appointment and termination of contract The Committee agreed to recommend the Director-General to approve Administrative Circular No. 30 (Rev. 2) - Financial Benefits upon taking up appointment and termination of contract. Progressive Retirement Programme The Progressive Retirement Programme (PR...
Main issues examined at the meeting of 2 October 2009 The October 2009 meeting of the Standing Concertation Committee was entirely devoted to preparation of TREF’s meeting on 21-22 October. The Committee took note of, discussed and agreed on clarifications needed to some of the documents and presentations that the Management intended to submit and/or present to TREF on the following subjects: Equal opportunities The Committee took note of a preliminary report on equal opportunities at CERN drawn up by D. Chromek-Burckhart, the Equal Opportunities Officer, and T. Smith, Chairman of the Equal Opportunities Advisory Panel, containing in particular a proposal for a new process for resolving harassment conflicts. Technical analysis of the CERN Health Insurance Scheme - Actuary’s Report The Committee took note of a presentation by P. Charpentier, Chairman of the CERN Health Insurance Supervisory Board (CHIS Board), on the 2009 actuarial report on the CERN Health Insurance Scheme (CHIS). Th...
Allen, Vanessa; Chapman, Anne; Henken, Rob
In this report, the authors provide a detailed analysis of the major changes in revenue and expenditures in the Milwaukee Public Schools (MPS) 2015 proposed budget, and the manner in which MPS has responded to recent legislative changes and turbulent workforce challenges. The objective is to provide an independent assessment of the district's…
Klepper, M.; Schwartz, H.K.; Feder, J.M.; Smith, D.C.; Green, R.H.; Williams, J.; Sherman, J.L.; Carroll, M.
The use of utility-assisted financing, tax-exempt financing, bank financing, leasing, and joint venture financing to promote energy efficiency investments for each of three different categories of buildings (multifamily, commercial, and industrial) is discussed in separate chapters. (MCW)
Credit market disruptions have been shown to affect business lending and the borrowingbehavior of firms. For small businesses however, financing is most often suppliedby the owner’s assets and debt financing from personal loans. This paper studies howidiosyncratic financing shocks experienced by ...... that personal financing disruptionsplay an important role in explaining entrepreneurial exit....
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board consent. 980.6 Section 980.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD NEW FEDERAL HOME LOAN BANK ACTIVITIES NEW BUSINESS ACTIVITIES § 980.6 Finance Board consent. The Finance Board may at any time provide consent for a Bank to...
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Finance Board procedures. 907.12 Section 907.12 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND... Finance Board procedures. (a) Notice of Receipt of Petition or Request to Intervene. No later than three...
... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Qualified housing finance agency... AUTHORITIES HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS Housing Finance Agency Requirements § 266.100 Qualified housing finance agency (HFA). (a) Qualifications...
Lai, Ming Ming; Kwan, Jing Hui; Kadir, Hazlina Abdul; Abdullah, Mahdhir; Yap, Voon Choong
The present article examines the effectiveness, teaching, assessment methods, and the importance of finance concepts in three undergraduate finance courses in a private university in Malaysia. Approximately 224 undergraduates (finance majors) were surveyed and demonstrated positive attitudes toward the effectiveness of the finance subjects. The…
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Duties of the Finance Board. 905.4 Section 905.4 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND OPERATIONS DESCRIPTION OF ORGANIZATION AND FUNCTIONS Functions and Responsibilities of Finance Board § 905.4...
However, the paper observed that among the problems faced in the micro finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan losses, low capacity and low technical skills on micro financing. As a result of some of these problems, some micro finance institutions in Nigeria have collapsed.